Biden To Review Student Loan Forgiveness: Here Are 5 Potential Changes

President Joe Biden will review student loan forgiveness.

Here’s what you need to know and what it means for your student loans.

Student loans

Biden has asked the US Department of Education to review student loan forgiveness and student loan repayments to determine what changes, if any, could improve outcomes for student loan borrowers. Later this month, the Department of Education will hold public hearings to solicit comments from the public that could shape the future of student loan forgiveness. Here are 5 potential changes:

1. Get a lower student loan payment

As a presidential candidate, Biden said he wanted to lower student loan payments for student loan borrowers. Specifically, you want to change your income-based repayment plans so that your student loan payments are based on 5% of your discretionary monthly income. Currently, income-based payment plans, such as REPAYE, are based on 10% of your discretionary monthly income. If implemented, this could help student loan borrowers collectively save millions of dollars each month.

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