A federal appeals court has blocked the implementation of the Biden administration’s student debt relief plan, which would have lowered monthly payments for millions of borrowers.
Yep. Except that was limited to anyone below 225% the poverty line (roughly 30k a year). I think should be expanded to <75k. Something closer to the actual poverty line depending on where you live.
No, that was applicable to anyone enrolled in the SAVE plan. If you made more money than that, you would have a small payment which was limited to 5% of your discretionary income (a number that excludes a portion of your income as non-discretionary for living expenses, etc). So if you made 75k/year, your payment would be 5% of the amount not designated as necessary living expenses. I’m not positive on the exact numbers, but I think they exclude about 60k before they start calculating your payment amount.
Yep. Except that was limited to anyone below 225% the poverty line (roughly 30k a year). I think should be expanded to <75k. Something closer to the actual poverty line depending on where you live.
No, that was applicable to anyone enrolled in the SAVE plan. If you made more money than that, you would have a small payment which was limited to 5% of your discretionary income (a number that excludes a portion of your income as non-discretionary for living expenses, etc). So if you made 75k/year, your payment would be 5% of the amount not designated as necessary living expenses. I’m not positive on the exact numbers, but I think they exclude about 60k before they start calculating your payment amount.
Interesting. Good to know. I wasn’t aware that it was open to all. I thought it was low-income based student loan reform. Thanks for the info. =~)
As a medical student with an absurd amount of student loans, this stuff is very important to me.