Income-based payment being a solution that is costly education loan financial obligation

Income-based payment being a solution that is costly education loan financial obligation

Education loan financial obligation is approaching the $1.5 trillion mark

Whenever Congress established the repayment that is income-driven federal student education loans back 2007, it absolutely was touted in order to assist education loan borrowers spend less by capping monthly obligations at a particular portion of a borrower’s earnings.

Since that time, education loan financial obligation has increased from US$500 billion to where it is currently approaching the $1.5 cash central usa trillion limit.