Student Loan Compensation – WSJ

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. Student Loan Compensation – WSJ

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