Here's how the latest GOP coronavirus relief proposal would impact student loans. (via CNBCMakeIt)
these options to include just two: a mortgage-style repayment plan with a fixed annual amount paid over 10 years or less and an income-based plan where borrowers pay 10% of their discretionary income.
The income-based plan would define discretionary income as family income above 150% of the poverty line. Borrowers with undergraduate debt will have their balance forgiven after 20 years and borrowers with graduate school debt will have their balance forgiven after 25 years. Importantly, the bill would allow borrowers to keep their current repayment plan if they wish and would allow borrowers with no income to defer their monthly payments.
The bill also "simplifies the documentation of changes in family income for financial aid appeals," explains higher education expert Mark Kantrowitz. "It also adds a question to the FAFSA to ask whether the applicant and their family have been affected by the pandemic, but does not change the calculation of the EFC in response to an affirmative answer.
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