IDR plans are also a requirement of the PSLF program, which can help borrowers pay off their federal student loans in as little as ten years if they work for a nonprofit or govt.
FSA assumed the IDR program would bring over 3.6 million student loan debtors closer to having their debt erased by at least three years.
According to previous data, persons earning less than $150,000 for a single person and $300,000 for a couple had 97% of all student debt.
The top 20% of earners account for 36% of all student debt.
Over 60% of student debt is owed by households earning more than $74,000.
According to Reuters, Biden is exploring student loan forgiveness, but not at the $50,000 per borrower level!