Student loan repayment plans reopening, Education Department says. What to know [View all]
Source: USA Today
Published 4:20 p.m. ET Dec. 19, 2024 | Updated 8:59 p.m. ET Dec. 19, 2024
The U.S. Education Department said Wednesday it will reopen two major student loan repayment programs to new enrollments while President Joe Biden's signature plan is on hold amid court challenges.
After months of uncertainty, millions of borrowers will now have “more breathing room,” the administration said in its announcement.
The roughly 8 million Americans enrolled in Biden’s halted plan – under which bills have been indefinitely paused – can shift to the older programs now if they want their payments to count toward future debt relief.
Politically, this week's announcement is an admission in the waning days of Biden’s presidency that his efforts to build the “most affordable repayment plan ever” haven’t been as successful as he hoped, especially after a bruising Supreme Court defeat.
Read more: https://www.usatoday.com/story/news/education/2024/12/19/student-loan-repayment-plans-reopened/77084985007/
Link to Department of Education PRESS RELEASE - Department of Education Announces Borrowers Can Now Apply for Additional Income-Driven Repayment Plans
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