Student Loans Poof Gone
(abcnews.go.com)
You're viewing a single comment thread. View all comments, or full comment thread.
Comments (6)
sorted by:
This is different.
For a long time federal student loans have had income-based repayment plans. In these plans, your monthly payment cannot exceed a certain percentage of your income. If your income is low enough, you may never pay off the balance. So if you make ontime payments for 20 or 25 years, the remaining balance is forgiven. The loan servicers just sucked at keeping track of who's paying on time, and this is fixing that mistake.
This is different from what Brandon was trying to do previously, which was just a blanket forgiveness with no terms.