The plan aims to fix “historical failures” and will provide debt cancellation to thousands of borrowers, according to the Education Department.
The adjustment may benefit millions of borrowers, eliminating outstanding balances for some and moving many others closer to forgiveness of their remaining debt, the Education Department said when it announced the plan almost a year ago.Some background: Income-driven repayment plans let student loan borrowers make lower monthly payments — in some cases, as low as zero dollars — based on their income and family size.
The one-time revision will apply to all federally held student loans, including Plus loans, which are available to graduate students and to parents, to help them pay for their children’s college education. “Borrowers eligible for forgiveness will continue to receive discharges as they reach the required months of payments,” he said, “and will not be put back into repayment.”
Yes, according to student loan advisers; the programs are separate. The plan being reviewed by the Supreme Court would cancel as much as $20,000 in student debt for qualifying borrowers. If the justices reject that plan, the loan adjustment plan will remain available, Mayotte said. And if the court lets the president’s cancellation plan proceed, she said, borrowers may potentially benefit from both programs.Yes.
Has anyone thought about other ways to pay for college. My husband it was Army &his job engineer and paid for my nursing degree and we both helped our 3 children for their college and they worked also. STOP this give away again and again. Scholarships also. Maybe Tech training?
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