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this post was submitted on 29 Oct 2023
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Yeah the biggest win was the change to repayment plans. If you get on an income based repayment plan and make your payments for 20 years, the rest will be forgiven, and the monthly payment can be $0 if your income is low enough. That sounds like a long time, but it makes it so these are not forever loans anymore, with more obvious financial benefit to students to pursue a degree.
They wouldn't have to be forever loans if they weren't exempt from bankruptcy, but Joe showed up for Corporate America on that one. People are kind of just ignoring that he put his stamp of approval on screwing over America's college students.
I'm pretty sure you actually have to be paying each month to qualify.
If your payment is $0 based on your income, staying in appropriate contact with your loan servicer and maintaining your IDR paperwork means that those "$0 payments" each month count towards the 120 (PSLF) or 240 (20 year forgiveness) qualifying payments.