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The 2020–2023 period has without a doubt been the most perplexing in student loan history. When student loan interest was eliminated in March 2020 and then actual payments were delayed, there was a welcome respite from the coronavirus pandemic. Since then, delaying student loan payments has turned into something of a partisan issue, with lawmakers threatening to end the relief while payments are still being postponed.
The Biden administration relied on the public health emergency declared in the wake of the coronavirus pandemic as the foundation for the program, which presents one of the complex legal issues for the implementation of this plan.
Whatever the final outcome of loan forgiveness, there are some programs already in place that might be of assistance to borrowers later this year.
Base on the article published by MSN on March 11, 2023, the Department of Education is finalizing a new income-driven repayment plan for lower-income people that will be announced in January 2023. The goal of the plan is to lower both the total amount that borrowers must repay over time and their monthly payments. The plan would specifically change the Revised Pay As You Earn (REPAYE) plan so that borrowers making less than about $30,600 annually and less than about $62,400 for a family of four would make no monthly payments. Those who are not eligible for a $0 payment might have their payments reduced in half.
The $10,000/$20,000 student loan forgiveness package put forth by the Biden administration will be the hot topic in 2023.
