re: Biden's Back Door Student Loan Forgiveness

quote:

---

Just got out of a webinar with Department of Education. Here's what Biden has planned to get around student loan forgiveness.

It's called the SAVE Plan and it will replace the current Income-Driven Repayment Plans. All borrowers will be eligible

No payments required for those who earn less than 225% of federal poverty line ($32,800 currently) - up from $22000 now.

No interest if payments are made on time. (Includes $0 payments in scenario above)

Payments capped at 5% of discretionary income (down from 10%)

Borrowers with balances of $12,000 or less will get loans canceled after 10 years. For every $1,000 over this, cancellation will come after additional year.

---