This Business News Story Was Uncovered By Us From: https://www.youngadultmoney.com/biden-student-loan-repayment-plan/
This selected industry connected news Feature, was selected personally by Marcus lee, who is one of our undercover online business News flash reporters – will give you more insight in how these points of discussion could be decoded into your own business ventures.
The Biden administration recently announced a new proposed student loan repayment plan that, according to the Department of Education, will provide millions of borrowers with lower required monthly payments and increase the speed of student loan forgiveness.
Technically this proposal revises an existing plan, not an entirely new plan.
Let’s dive into what the details of the proposed new Biden student loan repayment plan.
Key Details of the New Biden Student Loan Repayment Plan
As I mentioned, the proposal does not create a new income-driven repayment plan, but changes an existing one, Revised Pay As You Earn (REPAYE). Including REPAYE, there are four income-driven repayment plans. You can see the details of each of the four plans here.
The revised edits to the REPAYE plan, which I am going to call “New REPAYE” from here on out, can be complicated at times.
Let’s start with the key points and then we’ll unpack each of them in more detail.
The calculation for discretionary income will increase the federal poverty guideline factor from 150% to 225%
Required payment will be 5% of discretionary income if debt is 100% undergrad (currently 10% or more for the four existing plans)
Required payment will be between 5% and 10% of discretionary income if there is any grad school debt (we’ll walk through the … Read More
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