What's Next for Student Loan Forgiveness?
In this podcast, we discuss the recent news that the previously announced student loan forgiveness is no longer a legal solution. We cover what to expect now that payments are restarting in October, including the new SAVE repayment plan, and the temporary ramp-up period. We also discuss the new path that the Biden administration is taking to try to achieve student loan forgiveness, and what that might mean for borrowers.
Key takeaways:
- The previous Student loan forgiveness plan is no longer a legal solution, but the Biden administration is working on a new path to achieve it.
- The new SAVE repayment plan will lower payments for borrowers on income-driven repayment plans.
- There will be a temporary ramp-up period of 12 months after payments restart in October, during which borrowers will not be reported negatively to credit bureaus if they miss payments.
- The details of the new student loan forgiveness program are not yet known, but it is likely to be different from the previous plan.
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