Income-Driven Repayment Changes to Create ‘Student Loan Safety Net’
Katherine Knott
January 11, 2023
The Education Department is also seeking input on how to create a list of programs that provide low financial value.
The Biden administration is moving forward on a sweeping plan to overhaul how student borrowers can repay their loans, though advocates want the Education Department to go further in its plan, while critics cite the price tag as an area of concern.
The Education Department on Tuesday unveiled the details of its planned overhaul of income-driven repayment, which could transform the financing of higher education by providing more generous student loan repayment and forgiveness terms. The proposed regulations will open for 30 days of public comment today. The plan, which was initially announced in August alongside student loan forgiveness, is moving forward despite criticisms and promises of oversight from Republican lawmakers who now control the House of Representatives.
