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[quote=Anonymous][quote=Anonymous][quote=Anonymous]We are headed back to debtors prison when they deduct it from your pay and people end up on the street. [/quote]

Income based repayment plans are   universally available and have been common for years in the student loan world. If a young professional makes 40k annually and therefore the $1,500 monthly installment payment on their 200k student loan balance isn't affordable, all they have to do is contact the loan servicer and document the need for a modified income based minimum payment.

Canceling debt is never a wise long  term solution. Ii
[/quote]

Income-based repayments are in a purgatory state right now because of staffing cuts at the Dept of Ed.

Most IBR plan recipients switched to Biden's SAVE plane in 23-24. There is now litigation pending whether the SAVE plans are legal. So people on SAVE plans are being forced into forbearance. Meanwhile, if they want to switch out of SAVE to another IBR plan, there is a massive bottleneck at Dept of Ed to get it approved because of the staffing cuts. Loan servicers are saying it will take many months for loans to be switched to another IBR.

It's literally something out of Kafka's The Metamorphosis. [/quote]

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