Student Loan Planner New REPAYE Plan: What it Means and Why it's a Game Changer for Borrowers
Exciting news for student loan borrowers! The new REPAYE plan proposed by President Biden aims to simplify the existing plan and offer more benefits to borrowers. It’s an earth-shattering moment in higher education. A few highlights include being able to file separately for taxes (if you’re married), qualifying for interest subsidies of 100%, and getting a 225% poverty line deduction to lower student loan payments. I’m diving into the nitty gritty details to help you understand how this plan may impact you.
In today’s episode, you'll find out:
- What is the new repayment plan
- The ins and outs of the family size deduction
- Who can access the new income-based repayment plan
- Why the new repayment plan is vital for borrowers
- Why you need to figure out if PAYE is right for you right now
- How the Biden Administration modifies the income-driven plan
- The impact of the changes on student loan borrowers
- How many borrowers could pay $100 or less on their student loans
- How we’ll serve this new group of borrowers who needs our advice
- Will the IDR plan be implemented
- What to do if you need to apply for a student loan forgiveness waiver
- What to expect next from student loans
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Do you have a question about student loans? Leave us a voicemail here or email us at help@studentloanplanner.com and we might feature it in an upcoming show!