Dear John, As a former educator, I know firsthand how important higher education can be for student success. A two- or four-year degree program can inspire students to reach for new goals, provide training for future innovators, and connect students from different backgrounds to learn from one another. However, the way this country finances higher education is broken. While I continue to fight in Congress for an overhaul of the federal student loan system, including reconfiguring interest rate calculation, I am proud to share resources to find a flexible way to alleviate your student debt. Thanks to the Biden-Harris Administration, there are now four types of income-driven repayment plans that you may be eligible for: Revised Pay As You Earn Repayment Plan (REPAYE Plan) Pay As You Earn Repayment Plan (PAYE Plan) Income-Based Repayment Plan (IBR Plan). With this plan, your payments could be as low as $0/month depending on your income! Income-Contingent Repayment Plan (ICR Plan) Learn which of these plans is best for you and your family by using this loan simulator. Yesterday, President Biden unveiled the latest program to give borrowers the breathing room to pay off their student loan debt. The SAVE Plan could cut the payments of participating borrowers in half, while some will qualify for a $0 payment. Here are some more specifics of the SAVE Plan: For borrowers who have undergraduate loans only, their payments will now be capped at 5% of their discretionary income. For borrowers who have both undergraduate and graduate loans, the amount will be a weighted average between 5% and 10% of their income based upon the original principal balances of their loans. Borrowers whose original principal balances were $12,000 or less will see their loans forgiven once they’ve made 120 payments. For borrowers making $15/hour or less, the SAVE plan will cut payments to $0, meaning more than one million additional borrowers will qualify for $0 payments. If you need assistance applying for federal student loan assistance, please reach out to my office at 951-222-0203. As always, stay in touch about issues that concern you and your family. Sincerely, Mark Takano Member of Congress ‌ ‌ ‌ Rep. Takano | 420 Cannon House Office Building, Washington, DC, DC 20515 Unsubscribe [email protected] Update Profile | Constant Contact Data Notice Sent by [email protected]