A Boring Dystopia

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Millennials are watching monthly student loan payments skyrocket from $500 to $5000 under Trump: This will ‘crash the economy’ (fortune.com)

submitted 2 days ago by return2ozma@lemmy.world to c/aboringdystopia@lemmy.world

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[–] yunxiaoli@sh.itjust.works 7 points 1 day ago

The US has income based repayment plans for all federally guaranteed loans. By removing or changing the limits in the formula, which is likely what Trump did, people that were paying $50/mo might have to pay market rates for their repayment which is unaffordable to pretty much everyone.

With ibr your interest tends to not increase despite having a much longer repayment time, allowing you to, you know, live and pay your student loans instead of having to choose in most cases.