Be better if the debtors were putting more money into the economy than into endless debt repayments.
Anyway here's Biden's plan. What's the GOP's solution?
Biden also announced a new income-driven repayment plan aimed at making repayment more manageable.
Even if the one-time loan forgiveness program is rejected by the Supreme Court, the proposed repayment plan is less likely to face the same legal challenges.
The plan would cap payments at 5% of the borrower’s discretionary income, create a shorter time to forgiveness and cover unpaid monthly interest when balances are low.
The Department of Education expects to start implementing some parts of the new income-driven repayment plan later this year. But first, the proposal is going through a formal rulemaking process, having received more than 13,000 public comments, and changes may be made to the proposal before it takes effect.
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