student loans income based repayment

'Forgiving about half a trillion dollars in student loan' -changes proposed to IDR

The new change proposed by President Biden to Income-Driven Repayment effective from January2023.

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5% is the new payback which the undergraduate borrowers have to pay (currently it's 10%)

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According to the Student loans income based repayment policy, borrower need to pay monthly interest.

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Great news to those who can't afford to pay monthly interest- Govt. will forgive remaining interest.

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Forgiving monthly interest helps, as now the balance will remain constant, won't increase.

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Public Service Loan Forgiveness program is made to forgive any loan under $12,000 after 10 years.

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If the student loan made isn't under PSLF program, them forgiveness period will be after 20 years.

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