Leon Trotsky 2012 posted:

There is a new IDR plan that only applies to undergrad loans that caps your payments at 5% of your disposable income and then forgives any balance left on the loan after 20 years of payments.

Grad IBR loans are still capped at 10% of disposable income.

BUT,

Biden made big changes to how income based repayment plans (IBR, PAYE, and the new IDR plan) work that apply to all of them, including grad loans.

That includes raising what counts as "non-disposable income" to 225% of the poverty line. That is about $33k for a single person. Which means your "income" will only count for each dollar you earn above that.

Leon Trotsky 2012 posted:

JackBandit posted:

Why is it up to any judge to just say how they feel about things?

quote:

District Court Judge Mark Pittman, an appointee of former President Donald Trump based in Fort Worth, said the program usurped Congress' power to make laws.

"In this country, we are not ruled by an all-powerful executive with a pen and a phone. Instead, we are ruled by a Constitution that provides for three distinct and independent branches of government," Pittman wrote.

He added: "The Court is not blind to the current political division in our country. But it is fundamental to the survival of our Republic that the separation of powers as outlined in our Constitution be preserved."

quote:

Rep. Virginia Foxx of North Carolina, the ranking Republican on the House education committee, celebrated it.

"Yet another nail has been added to the coffin of President Biden's illegal student loan bailout, and hardworking taxpayers across the country are rightfully rejoicing," she said. "This administration continues to operate as if its own self-appointed authority in transferring billions of dollars in student loans is legitimate, but the rule of law says otherwise."