resolved or late august, whatever comes first. so not only borrowers looking to see if they will get some debt wiped away, but also they need to know when the monthly payments will restart for the first time like you said in years. it is so interesting, there was a little bit of criticism about how just relieving this debt doesn t fix the problem of a student loan bubble. you ve done some great reporting about how behind the scenes the education department is trying to streamline some of the income based repayment programs and trying to find ways to help people now and in the future not be burdened by so much debt. talk to me about that. yeah, so right now the education department is working on a new income generated payment plan. and what that would do, it would lower monthly payments for qualifying student loan borrowers, and even lower the amount that they would have to pay back over the lifetime of the loan. and what is really different is that this could help current and
blue collar americans, veterans like the one you saw, get back on their feet? justice kagan says that they sometimes have to decipher maybe obscure laws that congress spoke here, it is very clear, what is your reaction to what you re hearing from secretary cardona? so, there are three interesting arguments that the parties opposed to the loan forgiveness program made in regards to the heroes act. first, that congress knows how to forgive or dismiss loans, and they have done so through other programs such as the public service loan forgiveness or the income-based repayment programs, which will discharge debt after a certain number of payments or even zeroed out payments. another thing is that not to be put into a worse situation, there are many borrowers who will be put into a better situation than they were before the covid pandemic. and finally, you know, the emergency of covid-19 by the
Below is Alston & Bird’s Health Care Week in Review, which provides a synopsis of the latest news in health care regulations, notices, and guidance; federal legislation and.
for these various income- driven repayment programs have been disqualified for one reason or another. - and even if you do get into these programs, they still have ways to enrage you. - i had an income-based repayment plan. that was a very affordable payment, but the problem was that the balances kept growing because i wasn t paying enough to cover the interest. so you re actually really paying on a loan while the loan grows. and that really, really screwed with my mental health. i was so overwhelmed emotionally by this landslide that i was standing on. no matter what i did, it just kept sliding. - yeah, and in terms of the income-based repayment plans, putting aside whether it was a good idea, do you feel like it s been a success in terms of its implementation? - it has been a challenge to explain. it has some inherent weaknesses. i m sure in retrospect, everyone involved
of really important ideas in the bill. and i was very, very enthusiastic about income-based repayment approaches. - oh, yeah, income-based repayment i d seen some of those fun videos. - payments are based on your income. so if you make little, you pay little. - with these helpful-looking programs, maybe there d be no need for bankruptcy. just use the federal government s simple, convenient tools instead. - let s say you win the lottery, maybe just pay your loans off. but if your situation changes, this might lower your payments substantially. - lower monthly payments? now, that sounds like a deal. i hear about these income- contingent repayment plans, or income-based repayment plans, or a public service loan forgiveness what s the matter with those? - they are all cruel jokes, and the borrowers are the punch line. millions of borrowers who have tried for these various income- driven repayment programs have been disqualified for one reason or another.