Student Loan Debt plan is official (with some surprises)

in student •  2 years ago 

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So breakdown is basically $10k for regular student loans (in relief) and then $20k if you went to college on Pell Grants, and both eligible if you're currently making less than $125k a year.

It is a relief plan and there for it is currently a payment pause that is being extended through December 31st.

There is also an extra item on capping repayments where undergraduate loans will be repaid at 5% of income. Those with additional income would then be considered non-discretionary for this calculation.

Anybody with loan balances below $12k will have the forgiveness in 10 years rather than 20 years.

The payment based on income plan will also cover unpaid monthly interest.

Finally, PSLF fixes will be implemented to assure those who worked in eligible jobs get the credit they deserve.

For Peace Corps, the deferments and forbearances would count towards PSLF.

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