Biden's Education Department just proposed a new way to make monthly student-loan payments 'more affordable and manageable than ever before'

Jan 10 2023 by Business Insider

 
U.S. President Joe Biden, joined by Education Secretary Miguel Cardona.

Alex Wong/Getty Images

The Education Department unveiled additional details of its reformed income-driven repayment (IDR) plan. It would amend the REPAYE plan by cutting undergraduate student loan payments in half and prevent interest capitalization. It would also give borrowers at-risk of default a chance to enroll in IDR plans.

Student-loan borrowers concerned about resuming payments just got additional details on how...

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