Congressman Adriano Espaillat (D-13) said Wednesday that there are still opportunities to forgive some or all of the student debt in the United States.
It states that there are four types of payment plans, defined by income, that you might be entitled to: 1) Revised Pay-As-You-Earn (REPAYE) payment plan 2) Pay As You Earn (PAYE) payment plan 3) Income-Based Refund Plan (IBR Plan) With this plan, payments can go as low as $0 per month, depending on your income. 4) Income Contingent Payment Plan (ICR Plan)
President Joe Biden has finalized his new Save for a Valuable Education (SAVE) plan. This ensures that no borrower earning less than $15 an hour has to make student loan repayments.
This also ensures that there is no interest accruing, which will increase the amount of your debt, and that your spouse’s income cannot be used to increase the amount of your payment.
Later this summer, you can sign up for the SAVE plan. If you need relief sooner, you can sign up for the REPAYE plan now: https://studentaid.gov/idr/ and the Department of Education will automatically switch you to the SAVE plan once it is up and running.
Espaillat said she’s heard many stories in her county about the burden these student loans bring, which prevent people from starting a family, buying a home, starting a business, or just making ends meet.
“So I wanted to share with you the details of these plans: Now there are ways to give you and your family a breather. If you have any questions or need help enrolling in these programs, please contact our office at 212-497-5959 or 202-225-4365,” Espaillat said.