The Biden administration has unveiled a NEW WEBSITE dedicated to its income-driven student loan repayment plan.
What You Need To Know
- A website to apply for the Biden administration's income-driven loan repayment plan is now live
- The plan allows students to potentially have lower monthly payments and reduce the total amount they have to pay back over time
- The website is currently in beta, and will be upgraded over time
This comes after the Supreme Court rejected the President's effort to erase student debt for many borrowers.
During this trial period, students can apply for the newly introduced program.
The introduction of the plan is timely, as student loan payments are set to resume in October after a lengthy pause due to the pandemic.
The President's new plan could make monthly loan payments lower for some borrowers and reduce the total amount they have to pay back over time.
Borrowers only need to apply once, not every year.
The new website is now live and accepting applications from eligible students.
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