If you have federal student loans, there may be some relief coming to make paying them off more affordable. California Attorney General Rob Bonta joins a multistate coalition in a letter supporting the U.S. Department of Education’s proposed changes to income-driven, or IDR repayment plans for federal student loan borrowers. They say the changes would ensure that student loan borrowers have access to more affordable repayment terms. IDR is a federal program that allows federal student-loan borrowers to reduce their monthly payment based on their income and other factors in addition to extending their repayment term. Once the term is up, any remaining balance is automatically forgiven. Under the proposed rule, more borrowers would qualify for zero IDR payments, and any unpaid interest would be waived for borrowers, to prevent increasing of their loan balances.
California Attorney General Joins Call for Changes to Student Loans
