The Biden administration unveiled its proposed expansion of income-driven repayment (IDR) for student loans on Tuesday. The proposal will slash monthly payments for most borrowers and dramatically increase the cost of the loan program. Moreover, it threatens to further cement the role of debt in our higher education system, with potentially dramatic effects on tuition levels and future rates of borrowing.
The Education Department (ED) invites members of the public to comment on the draft regulation. Comments are due within 30 days. Afterwards, ED will issue a final rule and the plan will go into effect, likely sometime this summer.
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