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Biden to announce $9 billion more in student debt relief
(www.reuters.com)
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this post was submitted on 04 Oct 2023
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$9 billion for 125k borrowers is $72000 per borrower
Would be nice if they would vanish the 40k in loans I have that I've been paying on since the Obama years. I've paid in far beyond the total amount I ever borrowed, while the compound interest just added it all back over the years. Progress has been very slow for me to pay that off, started payments with about 50k loans, after being ballooned up from the original principal from several years of economic hardship forbearance where the interest still gets capitalized.
You should look into the Income Driven Repayment plan: https://studentaid.gov/idr/
It's one of the new major programs from the Department of Education and can help a lot with reducing repayments while eventually being eligible for full forgiveness.
I filled out the application and both the payment and interest doubled for me, not sure where is the benefit here. Hell, maybe I lucked out with my 30 year loan
That's nice for those who it can help, but I don't really need help making the payments. I'm just fed up with having to pay them at all since I've already paid back much more than I ever borrowed.
Biden's new SAVE plan is set up so that any interest not covered by your IDR payment is not capitalized. It would probably also be worth your while to look into the forgiveness plans and terms because you might be able to reduce how much you owe based on previous payments.