After a three-and-a-half year pandemic-era pause, US federal student loans start accumulating interest again from Friday, with repayments set to cut the monthly take-home pay of millions of Americans by hundreds, and in some cases thousands, of dollars.Under this new income-driven repayment plan, some borrowers could see their bills cut in half from 10 percent to five percent of their monthly discretionary income.
Joe Biden campaigned for president on a pledge to forgive at least $10,000 in student loan debt for millions of Americans, and unveiled a $400 billion program to do just that after taking office. But on June 30, the Supreme Court ruled that his administration had overstepped its authority, and
Student loan repayments will cut the monthly take-home pay of millions of Americans. At least 46 million people in the US have outstanding student loan debt.
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