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Few College Students Will Repay Student Loans under the Biden Administration's Proposal. An Essay for the Learning Curve

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Title: Few College Students Will Repay Student Loans under the Biden Administration's Proposal. An Essay for the Learning Curve
Language: English
Authors: Chingos, Matthew, Delisle, Jason, Cohn, Jason, Urban Institute
Source: Urban Institute. 2023.
Availability: Urban Institute. 2100 M Street NW, Washington, DC 20037. Tel: 202-261-5687; Fax: 202-467-5775; Web site: http://www.urban.org
Peer Reviewed: N
Page Count: 13
Publication Date: 2023
Sponsoring Agency: Walton Family Foundation
Bill and Melinda Gates Foundation
Document Type: Reports - Descriptive
Education Level: Higher Education
Postsecondary Education
Descriptors: College Students, Loan Repayment, Student Loan Programs, Undergraduate Students, Low Income Students, Debt (Financial), Paying for College, Educational Policy
Abstract: The new student loan repayment plan formally proposed by the Biden administration would let borrowers make lower payments and have remaining loans forgiven sooner than under current plans. Under the proposed income-driven repayment (IDR) plan, most undergraduate borrowers with typical debt levels--and nearly 90 percent of those with certificates and associate's degrees--would have at least some of their loans forgiven if they enroll in IDR. Under the newly announced plan, most undergraduates who take on typical debt loads would have at least some of their loans forgiven if they use the plan. Borrowers with certificates or associate's degrees would benefit the most, with 89 percent receiving some forgiveness and 38 percent paying nothing. The proposed IDR plan is the most generous yet, but it will make the student loan program significantly more expensive and risks encouraging students to take on more debt, which could have implications for their personal finances even if it is eventually forgiven.
Abstractor: ERIC
Entry Date: 2023
Accession Number: ED629050
Database: ERIC
FullText Text:
  Availability: 0
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  Data: Few College Students Will Repay Student Loans under the Biden Administration's Proposal. An Essay for the Learning Curve
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  Data: Urban Institute. 2100 M Street NW, Washington, DC 20037. Tel: 202-261-5687; Fax: 202-467-5775; Web site: http://www.urban.org
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  Data: The new student loan repayment plan formally proposed by the Biden administration would let borrowers make lower payments and have remaining loans forgiven sooner than under current plans. Under the proposed income-driven repayment (IDR) plan, most undergraduate borrowers with typical debt levels--and nearly 90 percent of those with certificates and associate's degrees--would have at least some of their loans forgiven if they enroll in IDR. Under the newly announced plan, most undergraduates who take on typical debt loads would have at least some of their loans forgiven if they use the plan. Borrowers with certificates or associate's degrees would benefit the most, with 89 percent receiving some forgiveness and 38 percent paying nothing. The proposed IDR plan is the most generous yet, but it will make the student loan program significantly more expensive and risks encouraging students to take on more debt, which could have implications for their personal finances even if it is eventually forgiven.
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      – SubjectFull: College Students
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      – SubjectFull: Student Loan Programs
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      – SubjectFull: Low Income Students
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      – SubjectFull: Debt (Financial)
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      – SubjectFull: Paying for College
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      – SubjectFull: Educational Policy
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      – TitleFull: Few College Students Will Repay Student Loans under the Biden Administration's Proposal. An Essay for the Learning Curve
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