NCLC submitted this comment to the U.S. Department of Education in response to its request for comments regarding its intent to engage in rulemaking to change the regulations governing the income-driven repayment (IDR) and Public Service Loan Forgiveness (PSLF) programs for federal student loans. NCLC urged the Department to reconsider the timing of the proposed…
Proposal Comes as Department of Education Removes Student Loan Forgiveness Progress Tracker from StudentAid.gov
Read More about House Republicans Propose Major Cuts to Student Loan and Pell Grant Programs
This large coalition letter requests that Members of Congress protect higher education and student loan borrower funding during the reconciliation process.
Low-Income Borrowers Could Be Left in Repayment Until Death, and Parent PLUS Borrowers Would Be Left Without Affordable Payment Options
More than 13 million people rely on Income-Driven Repayment (IDR) plans to repay their federal student loans. IDR plans provide borrowers who cannot afford standard, fixed payments with an alternative way to repay based on their income and family size and to become student debt-free by making up to 25 years of payments.
Parent PLUS loans are federal loans made to parents to help pay for their children’s college education. There are currently over 3.6 million people with Parent PLUS loans. A significant portion of today’s parent borrowers are very low-income and are struggling with repayment. Currently, they can access lower payments to help avoid distress and default…
