The Senate's passage of 'The One Big Beautiful Bill Act' aims to limit federal student loan borrowing amidst a staggering $1.7 trillion in student debt. For over 15 years, the government has implemented various income-driven repayment (IDR) plans to assist borrowers, with the latest plan, Saving on a Valuable Education, offering reduced payments and early forgiveness. However, this plan was challenged in court. Additionally, student loans are politically contentious, evidenced by moratoriums initiated during the pandemic, and no significant reforms occurred while Democrats held power from 2021 to 2023.
The Senate passed their version of 'The One Big Beautiful Bill Act,' which limits federal student loans. Americans owe over $1.7 trillion in student loan debt.
The government introduced various income-driven repayment (IDR) plans to assist borrowers, including the Income Contingent Repayment plan and Pay As You Earn plan.
The new Saving on a Valuable Education plan had the lowest repayment cap and early loan forgiveness, but was invalidated by Republican lawmakers.
The student loan crisis has been politicized, with moratoriums on payments declared by both President Trump and President Biden amid COVID-19.
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