Fellow Conservative,
Thousands of grassroots activists have already submitted a public comment opposing Biden’s student loan repayment scheme. Now is the time to keep adding heat!
Biden’s plan to restructure student’ loan payments would add over $100 billion to the national debt at a time when that debt and the rate of spending is at a record high of $31 trillion, which will result in even higher inflation rates.
Currently, under income-driven repayment plans, borrowers pay about 10% of their discretionary income over about 20 years, and whatever’s left—including all accrued interest—is forgiven.
But the new rules dramatically change the calculus:
- payments are generally cut in half from 10% to 5% of income
- The number of payments is generally cut in half from 20 years to 10 years
- And the income under which payments are reduced to $0 is raised from 150% to 225% of the poverty line
- All payments, including “payments” of $0, trigger cancellation of that month’s interest.
