Cory Turner, NPR:
Yes, it’s really interesting, Geoff, because if you think about the difference between the president’s broad debt relief plan and the income-driven repayment plan they just unveiled, it’s the latter that will arguably help more borrowers looking forward into the future.
This new plan would do a few things. As you mentioned before, it would for borrowers who earn less than $30,000 a year, they’d be allowed to basically make zero monthly payments on their loans. Also, for borrowers who take out relatively small loans we’re talking about $12,000 or less they qualify for forgiveness after 10 years, instead of the current 20 years.
Also, maybe most importantly, Geoff, is something that I heard about for a long time …
Read the full article at: https://www.pbs.org/newshour/show/white-house-offers-new-student-loan-payment-plans-as-debt-cancellation-held-up-in-court