Federal student loan borrowers can expect “the most affordable student loan plan ever”, Biden said in a video address on Tuesday announcing significant changes to the debt from higher education held by over an eighth of the country.
Federal student loan borrowers can expect “the most affordable student loan plan ever”, Biden said in a video address on Tuesday announcing significant changes to the debt from higher education held by over an eighth of the country.
The .gov page has a pretty extensive FAQ.
Do you still pay interest on those loans with low monthly payments? Because that will just make the problem worse in the long run.
Yes, but the interest charged per month can’t be higher than what you pay, so your balance can never increase if you’re making payments.
Also there is a forgiveness period after 10+X years for $12+X thousand in subsidized loans (as I understand it).
This is great, but they should just have one gigantic green square that covers everybody.