In a bold move to tackle student loan challenges, the Biden administration has launched a dedicated website for its income-driven student loan repayment plan. Said to resume in October after a pandemic-induced pause, student loan payments have been a pressing concern.
Eligible students can apply for the newly introduced program, which aims to make monthly loan payments more manageable for some borrowers and reduce their overall repayment burden.
With simplicity at its core, the new website streamlines the process. Borrowers only need to apply once, eliminating the need for yearly applications. The enrollment process takes around 10 minutes, making it quick and efficient for federal student loan borrowers.
The plan is set to be in full effect by July 1, 2024. It halves payments on undergraduate loans and ensures borrowers won’t see their balance grow if they keep up with the required payments.
For borrowers earning less than $15 an hour, no payment will be required.
Click play to listen to the report from AURN White House Correspondent Ebony McMorris. For more news, follow @E_N_McMorris & @aurnonline.
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