Weeks after the U.S. Supreme Court dealt a harsh blow for student loan borrowers hoping to take advantage of President Joe Biden’s forgiveness plan, his administration has clapped back with two paths forward toward wiping away student debt.
The clock is ticking as student loan payments are expected to resume this fall after a three-year pause brought on by the pandemic.At 30 years old, Jonathan McGee, of Englewood, works full-time with three college degrees under his belt, including two masters.
Now, for certain borrowers, the president is trying two other paths forward, each having to do with income-driven repayment plans.that the Department of Education would automatically erase $39 billion in debt, likely for more than 800,000 borrowers on income repayment plans, which have accumulated the equivalent of 20 or 25 years of payments.
“It’s much more generous now than all of the existing income driven repayment plans for borrowers,” Desjean said.
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