Students who borrowed money to pay for college are hoping for help from President Biden’s debt relief program, which for now is tied up in the courts.
If Biden’s program is killed off by the judiciary, however, it doesn’t leave student borrowers without options to reduce their debt.
Here are some options that student borrowers could consider.
Income-Driven Repayment Forgiveness
Income-Driven Repayment (IDR) Forgiveness has the advantage of broad availability and lower monthly payments. But that may be offset by how long it takes to get forgiveness.
The plan bases monthly student loan payments off an individual’s income and family size. From there, an individual must make monthly payments over a 20- or…
Read the full article at: https://thehill.com/blogs/blog-briefing-room/3785465-six-ways-students-can-reduce-debt-if-biden-program-is-killed-by-courts/