President Biden held a press conference on January 10, 2023, to announce new efforts to help students struggling to pay back college loans. Jordan Matsudaira, Chief Economist for the Department of Education for the White House, spoke with me on behalf of President Biden to outline a new plan to help college students with challenging loan debt.
Matsudaira stated, “We’re excited to announce this new proposed repayment plan today. The new repayment plan is going to be the most generous repayment plan that has ever been in existence at the Department of Education. This plan is going to really dramatically reduce the payments that students need to make on their student loans in order to make payments a lot more affordable to them. The plan is really targeted, so it will help low-income borrowers and middle-income borrowers the most. Payments are going to be reduced by more than 80 percent for the lowest-income borrowers–relative to the most generous plan that exists right now.
Further, Jordan Matsudaira stated, “The plan is going to protect low-income borrowers from needing to make any repayments on their student loans right now. So, for borrowers who are making less than about thirty thousand dollars a year; they won’t have to make any payments on their loans until their income rises above that threshold.
**********
Thank you for reading Thera Martin’s article on scoopnewsusa.com. For more on “Relief for College Graduates with “, please subscribe to SCOOP USA Media. Print subscriptions are $75 and online subscriptions (Print, Digital, and VIZION) are $90. (52 weeks / 1 year).
