Biden's Department of Education announces plan for 'transforming' student loan repayment abc15
The Biden administration and the U.S. Department of Education are proposing amended regulations to the Revised Pay As You Earn initiative which was made available to student borrowers in 2016.
The Department of Education says that under a revised and updated REPAYE plan, it hopes future borrowers would"see lifetime payments per dollar borrowed fall by 40 percent." And DOE says that under the updated plan student borrowers with an income below $30,500 annually would not be responsible for making monthly payments on their loans.
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