Here’s what to know about a new student loan proposal that provides payment relief to borrowers making less than $30,600
“A new proposal from the Biden administration would lower federal student loan payments for some Americans – and pause payments completely for anyone making less than $30,600 a year. ‘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 in a call with reporters Monday evening. “You won’t be buried under an avalanche of student interest, and you won’t be saddled with a lifetime of debt.'”