What to know about student debt relief options
The U.S. Department of Education has canceled almost $160 billion in federal student loan debt for nearly 4.6 million borrowers under the Biden administration.
Income-driven repayment plans and Public Service Loan Forgiveness are some of the aid programs that have led to this relief.
Income-driven repayment plans allow student loan borrowers to pay just a share of their discretionary income toward their debt each month and get any remaining debt forgiven after a set period. Most people with federal student loans qualify for income-driven repayment plans.
The Public Service Loan Forgiveness program allows employees of the government and certain not-for-profit entities to have their federal student loans discharged after 10 years of on-time payments. The Consumer Financial Protection Bureau estimated 25% of American workers may be eligible.
The ADA continues to advocate for student loan debt relief, including legislation that would lower interest rates overall and pause the accrual of interest and payments on federal student loans for dental students in residency.
Read more: CNBC
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