CNN —The Biden administration is launching a beta website for its new income-driven student loan repayment plan today, officials told CNN, allowing borrowers to begin submitting applications for the program as federal student loan payments are set to resume in October. It marks a significant change to the federal student loan system that could lower monthly loan payments for some borrowers and reduce the amount they pay back over the lifetime of their loans. “Part of the president’s overall commitment is to improve the student loan system and reduce the burden of student loan debt on American families,” a senior administration official said, previewing the beta website first to CNN. It is important in this moment as borrowers are getting ready to return to repayment.”Federal student loan borrowers can access the beta website at https://studentaid.gov/idr/. By comparison, Biden’s student loan forgiveness program was expected to cost about $400 billion.

Source: CNN July 31, 2023 00:56 UTC