those who owe more money than they did at the start of their repayment
borrowers who started paying more than 20 years ago
those already eligible for existing loan forgiveness or discharge programs but haven’t yet applied
and borrowers facing economic hardship.
My wife qualifies under #2, so that’s good! Not sure about #1. She still owes $40,000 after paying 20+ years. O_o She never had a good paying job and was only able to use her degree (print journalism) once for all of a 90 day probationary period.
“The first element of the new plan would allow any borrower, regardless of their income, to cancel up to $20,000 in interest.”
That would be good too.
“In addition, low and middle-income borrowers who are enrolled in an income-driven repayment plan would have all of their interest forgiven. This group of borrowers includes single borrowers earning $120,000 or less a year, and married borrowers who make $240,000.”
That would help her too… since we got married, she doesn’t qualify for most income assisted programs because I make too much money. But combined, we come in under the $240K cap.