Biden's student loan plan could reduce how much people pay and for how long:
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Under the new plan, the lowest-income borrowers would see their payments fall by about $0.83 per each dollar they owe, the Department of Education estimated. The highest-income borrowers would see their payments per dollar fall by about $0.05. Department of Education Undersecretary James Kvaal called it the first “true student loan safety net in this country.”
Student loan borrowers gathered at the Supreme Court today to tell the court that student loan relief is legal on Jan. 2, 2023, in Washington, D.C.The new repayment plan would mean they aren’t required to. The timeline for some debt forgiveness will also be shortened under the new plan, especially for community college students.
That cost increase comes after Congress has already decided to keep the budget flat for the Office of Federal Student Aid during the upcoming year -- potentially putting programs on thin ice.
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