Biden has taken another step toward mass student-loan debt forgiveness
The Biden Administration announced another installment in its student-loan forgiveness plan to “fix longstanding failures” in the program. Translation: Taxpayers will pay again for the mistakes of Congress and the Obama Administration. Congress created income-based repayment plans in 2007 to help borrowers manage mountains of debt they can’t repay. Initially borrowers could cap monthly payments at 15% of their discretionary income and discharge their remaining balance after 25 years. Those who went to work in “public service” had to pay 10% for 10 years. Democrats made the ...