The U.S. Department of Education has announced major changes to student loan forgiveness. Here’s what you need to know — and what it means for your student loans.
the requirements for documentation would be relaxed.Biden wants to protect student loan borrowers from student loan interest capitalization, or the process of adding accrued interest to the principal balance of your student loans;
Under the new regulations, student loan interest capitalization would be eliminated when a student loan borrower enters student loan repayment, exits student loan forbearance, defaults on a student loan, or leaves most income-driven repayment plans.as part of its rulemaking process. The public will have 30 days to comment on these proposals and submit any feedback.
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