Proposed Overhaul of Federal Student Loan Program by Congressional Republicans
Congressional Republicans are proposing a major overhaul to the federal student loan program. The plan includes simplifying repayment options for future borrowers, with fixed monthly payments or income-based payments. The overhaul aims to ensure that borrowers see their loan balances decrease each month, with forgiveness after 30 years of qualifying payments. This plan would impact millions of borrowers and exclude current borrowers from the new options.