LogFAQs > #974638053

IfGodCouldDie posted...

If those bullet points are accurate thats pretty good. Not sure who or how many will be affected, hopefully it is a significant amount of people.

This should affect pretty much everyone that has federal loans, regardless of your income level. The main change is that they are cutting the "discretionary income" threshold for the monthly payment from 1% to 0.5%, which will lower everyone's monthly payment. That plus interest cancellation makes this a pretty big reform, that's unfortunately overshadowed by the forgiveness drama.

Had this been the only thing announced, this would have made a lot more headlines as a HUGE overhaul of the student loan process, as it's more than just a one-time bandaid fix. This will help borrowers for the life of their loan.