Under the Trump administration, the Education Department this week reinstated a long-standing student loan forgiveness program that had been on hold since July, the Washington Post reported on Saturday.
Borrowers who have paid loans for 25 years under the Income-Based Repayment plan (IBR) can now have their remaining balances forgiven, according to companies that collect payments on behalf of the government. Roughly 2 million borrowers are enrolled in the IBR plan, yet many have not made enough payments to qualify for forgiveness.
IBR, established in 2007, is among four federal plans that base monthly payments on income and family size and offer loan forgiveness after 20 or 25 years of payments. The figure roughly translates to between 240 and 300 monthly installments. According to correspondence obtained by the outlet, the Dept. of Education said borrowers have until Oct. 21.
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