On January 10, 2023 the Department of Education released its proposed rule updating its Income Driven Repayment program to make student loan payments more manageable for borrowers moving forward. The announcement was part of the plan President Biden announced in August to provide debt relief to working and middle-class Americans, and improve the student loan program for borrowers moving forward. An expected impact of the new income-driven replayment plan is a first-year teacher with a bachelor’s degree would save more than $17,000 in total payments while pursuing Public Service Loan Forgiveness—a two-thirds reduction in what they would pay in total under the current repayment plan.
Below are news stories on the announcement:
- AP: Feds propose ‘student loan safety net’ alongside forgiveness
- Forbes: 8 Big New Details On Biden’s Latest Student Loan Repayment Plan, And Who Benefits Most
- New York Times: What to Know About Biden’s Income-Driven Repayment Proposal
- Marketwatch: Biden administration unveils sweeping changes to student loan repayment