President Biden's new steps to help borrowers repay student loans include a year-long onramp repayment program, and allowing borrowers to pay a lower percentage of their discretionary income for eligible loans.
Biden outlined new repayment options that would be available to millions of borrowers, as well as his administration's plan to provide broader relief.
The Department of Education will not refer borrowers who have missed payments to credit agencies during this period, Biden said. Biden also announced changes to caps on the percentage of discretionary income paid toward student debt. Going forward, no borrower will need to pay more than 5% of their discretionary income on undergraduate loans, down from the previous cap of 10% each month.
During his remarks, Biden called the Supreme Court’s student loan decision a"mistake" and"wrong." He also criticized Republicans, saying they could not"bear the thought" of providing relief for working and middle-class Americans.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Hunter Biden's misdeeds continue to haunt President BidenHunter Biden's plea deal on tax and gun charges has not been the end of the story for the president's troubled son.
Read more »
Joe Biden vs. Wall Street: President and banks disagree on recessionBiden says there won't be a recession. Wall Street isn't so sure.
Read more »
President Joe Biden delivers speech in Chicago on economy, attends fundraisersAir Force One landed in Chicago Wednesday morning with President Joe Biden in town to deliver a speech on economics.
Read more »
Supreme Court to release ruling on President Biden's student loan forgiveness planOn Thursday, the Supreme Court is expected to release its ruling on the legality of President Biden’s student loan forgiveness plan. NBC10Responds reporter tracydavidson has the details:
Read more »
President Biden has started using a CPAP machine at night to deal with sleep apneaThe White House said President Biden has started using a continuous positive airway pressure, or CPAP, machine at night to help with sleep apnea. biden kprc2 click2hou sleepapnea
Read more »
Biden's brother says the president is 'very open-minded' about psychedelics for medical treatmentPresident Joe Biden’s youngest brother said in a radio interview that the president has been “very open-minded” in conversations the two have had about the benefits of psychedelics as a form of medical treatment.
Read more »