The Biden administration this week announced another installment in its student loan forgiveness plan to fix “longstanding flaws” in the program. Translation: Taxpayers will pay again for the mistakes of Congress and the Obama administration.
Congress created income-based repayment plans in 2007 to help borrowers deal with mountains of debt they can’t pay back. Initially, borrowers could limit monthly payments to 15% of their discretionary income and pay off the balance after 25 years. Those who went into “public service” had to pay 10% for 10 years.
https://www.wsj.com/articles/student-loan-reparations-joe-biden-student-debt-forgiveness-education-department-11650572357 Student Loan Compensation – WSJ