Repealing student loan forgiveness
On May 22, the U.S. House of Representatives voted to repeal student loan forgiveness and repayment programs.
Experts cited in the article stressed that the decision could cause uncertainty among student loan borrowers, according to a news story from CBS News. They detailed that the bill seeks to eliminate the Income-Contingent Repayment plan, Pay As You Earn plan and Saving On a Valuable Education plan; introduce a new income-driven repayment plan known as the Repayment Assistance Plan and limit borrowing. The changes could result in higher monthly payments and a 30-year repayment period.
Although the bill still has to pass the U.S. Senate to be enacted, the experts advised borrowers to visit studentaid.gov to calculate how much they can expect to pay. They also recommended that borrowers organize their finances by determining strategies to increase income and economize.
Read more: CBS News
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