, aims to significantly lower payments and reduce overall loan costs for millions of people.
The White House said the income-driven repayment plan will calculate payments based on the borrower’s income and family size, not their loan balances.encouraging borrowers to applyThat way, the account changes will have time to take effect before the current yearslong payment pause ends this October.The plan follows a Supreme Court strike down of President Joe Biden’s previous student loan forgiveness program in late June.
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