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KiplingerDec 02, 2020
Joe Biden's Student Loan Plan: What's in It for You?
When the CARES Act was passed in March, payments were suspended and the interest rate was temporarily set to 0% for federal student loans.  The student loan relief is set to expire on Dec. 31, 2020.  Will President Trump or the president-elect, Joe Biden, extend the temporary relief?  No one knows.

SEE MORE My Student Loan Relief Is Set to Expire, What Now? While there is uncertainty about what will happen between now and Jan. 20, 2021, we have an idea of the long-term changes that might be coming to student loans when Biden takes office.

These proposals will have to be approved by Congress to become law, but here is a summary of what Biden has proposed so far with regards to student loans.

Cancellation of up to $10,000 per borrower On March 22, 2020, Biden tweeted that he would cancel up to $10,000 for each borrower of federal student loans.  This cancellation was originally proposed by the Democrats to be included in the CARES Act.  It did not make it into the act, but it is possible that the Biden administration will include the $10,000 cancellation as part of a future stimulus package.

Monthly payment capped at 5% of your income SEE MORE With Private Loan Interest Rates So Low, Should You Refinance a Federal Student Loan? The Biden Plan for Education Beyond High School includes changes to the current repayment and forgiveness programs for federal loans.  Currently, borrowers in Income-Driven Repayment (IDR) plans are required to pay 10%-20% of their income

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