The Biden administration has released detailed new guidance for the IDR Account Adjustment, a temporary initiative that can advance a borrower’s progress towards student loan forgiveness under Income-Driven Repayment, or IDR, plans.
IDR plans, which tie a borrower’s monthly student loan payments to their income and family size, can result in a discharge of any remaining unpaid balance after 20 or 25 years in the program. But IDR plans have historically been complicated for borrowers to navigate, and both the government and its contractors have poorly administered the IDR system for years, according to consumer advocates.
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