The Biden administration recently released a detailed plan to make it easier for student loan borrowers to wipe out their debts using income-driven repayment plans. The proposed rule from the Education Department is a key step in overhauling the $1.6 trillion federal loan program that has left millions of borrowers with ballooning debts.
The administration first announced the change back in August of 2022 when it unveiled its plan to cancel up to $20,000 in student loan debt for qualifying borrowers. This cancellation plan is now frozen after being blocked by several lower courts, and its validity is now before the Supreme Court. The Supreme Court will hear legal arguments in the case on February 28, 2023 and a ruling is expected before the court’s term ends on June 30, 2023.
Income-driven repayment plans have been in effect for years and were designed to help lower earners pay for college. However, few have been able
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