On January 10, 2023 the Department of Education released its proposed rule updating its Income Driven Repayment program to make student loan payments more manageable for borrowers moving forward. The announcement was part of the plan President Biden announced in August to provide debt relief to working and middle-class Americans, and improve the student loan program for borrowers moving forward. An expected impact of the new income-driven replayment plan is a first-year teacher with a bachelor’s degree would save more than $17,000 in total payments while pursuing Public Service Loan Forgiveness—a two-thirds reduction in what they would pay in total under the current repayment plan.
Below are news stories on the announcement:
- AP: Feds propose ‘student loan safety net’ alongside forgiveness
- Forbes: 8 Big New Details On Biden’s Latest Student Loan Repayment Plan, And Who Benefits Most
- New York Times: What to Know About Biden’s Income-Driven Repayment Proposal
- Marketwatch: Biden administration unveils sweeping changes to student loan repayment
How to Get Your Loans Forgiven
If you are looking for information on eligibility for debt forgiveness, we recommend you visit : Student Debt Cancellation, PSLF & More: What Educators Need to Know | NEA
Starting this summer, borrowers with Federal Direct Student Loans may have a second chance to get credit for certain past payments towards loan forgiveness with the Dept of Education’s One Time Income Driven Loan Forgiveness Payment Adjustment! But to be eligible, there are specific requirements which MUST be met before May 1, 2023.
To learn more, join NEA Member Benefits for this important zoom session on April 25 at 6:30 p.m. EASTERN.
No pre-registration is required. If prompted: Meeting ID is: 815 9245 5457 and the Passcode is: 261734.
