If finalized, the proposal would give a major overhaul to income-driven repayment plans, resulting in lower monthly payments, an easier path to forgiveness, and more.
for millions of Americans now and in the future, offering a new route to repay federal loans under far more generous terms.
The federal government now offers four types of income-driven plans, but the proposal would mostly phase out three of them while focusing on one simplified option, scaling back the confusing array of options borrowers now face. Significantly, the proposal would also make it easier to get debt erased after making several years of payments. Existing plans promise to cancel any remaining debt after 20 or 25 years of payments. The new plan would erase all remaining debt after 10 years for those who took out $12,000 or less in loans. For every $1,000 borrowed beyond that, a year would be added.
Even some on the left have questioned the prudence of the idea, saying it's so generous that it effectively turns student loans into grants that don’t need to be repaid. That could lead more students to borrow, they warn, and it could spur colleges to raise tuition prices if they know students won’t be on the hook.
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