Student-loan borrowers with graduate school debt should get more relief under Biden's new proposal to make monthly payments cheaper, a top Democratic lawmaker says
Public comments on President Joe Biden's proposals to reform student-loan repayment are now closed — and a leading Democratic lawmaker made sure his opinion was heard.to the Education Department regarding its latest proposal to reform income-driven repayment plans, which give borrowers affordable monthly payments based on their incomes with the promise of loan forgiveness after at least 20 years.
But Scott said in his comment that"a final rule can go farther to ensure borrowers with the most need can easily access the benefits of these changes" — especially when it comes to borrowers with graduate school loans. He also noted that his suggestion would"help address the unfortunate inequities within graduate borrowing, such as the fact that Black borrowers owe nearly twice as much as White borrowers in graduate loans, and Latino borrowers experienced an average increase of 60% in student debt between 2004 and 2016."
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