Biden moves forward with 'student loan safety net' as debt cancelation plan awaits fate before Supreme Court
Fox News
The Biden administration formally proposed a new plan that would significantly lower student loan payment requirements and shorten the time before debts can be canceled.
"Student debt has become a dream killer," Education Secretary Miguel Cardona said in a statement. "This is a promise to the American people that, at long last, we will fix a broken system and make student loans affordable." Ronn Blitzer is a reporter for Fox News Digital covering politics and breaking news.
The proposal focuses on income-driven payment plans. Currently, borrowers' monthly payments are capped at 10% of their discretionary income. The new plan would set this mark at 5% of borrowers' pay. Additionally, the income level under which people would not be required to make payments would be raised from $20,400 per year to $30,000.
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