A new proposal from the Biden administration would reduce monthly student loan bills for some federal borrowers while stopping payments completely for those making less than $30,600 a year, the Department of Education revealed Tuesday. “Today, we’re making a new promise to today’s borrowers and for generations to come: Your student loan payments will be affordable,” Secretary of Education Miguel Cardona said to reporters on Monday. “You won’t be buried under an avalanche of student interest, and you won’t be saddled with a lifetime of debt.”
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About 2 Million People Soon to Receive New Student Loan Servicer
Nearly 2 million Americans who are borrowers of student loans will be receiving a new federal student loan servicer as soon as July. Many of these individuals are seeking debt relief from the Public Service Loan Forgiveness program. FedLoan, which is part of the Pennsylvania Higher Education Assistance Agency known as PHEAA, is the current servicer of these loans.
