this post was submitted on 23 Aug 2023
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Federal student loan borrowers can expect “the most affordable student loan plan ever”, Biden said in a video address on Tuesday announcing significant changes to the debt from higher education held by over an eighth of the country.

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[–] MicroWave@lemmy.world 25 points 1 year ago* (last edited 1 year ago) (1 children)

The program, named Save (Saving on A Valuable Education), will replace the Revised Pay As You Earn (Repaye) plan, lowering the minimum amount due on student loans for borrowers who enroll in an income-driven repayment (IDR) plan.

Under the old rules, borrowers enrolled in this plan were required to pay at least 10% of their discretionary income, or the difference between their adjusted gross income (AGI) and 150% of the federally designated poverty line. Now, borrowers only have to pay the difference between their income and 225% of the poverty line.

[–] HubertManne@kbin.social 10 points 1 year ago

poverty line is such a joke now, just like the inflation numbers. they have to double and triple it to get to a more realistic figure.