McCollum Speaks to Kiplinger on Student Loan Debt Repayment
August 8, 2023 – Jonathan McCollum, Chair of Federal Government Relations group, was interviewed by Kiplinger Personal Finance for their article “Biden Administration Launches New Student Loan Repayment Plan” to discuss who is eligible for the Save on a Valuable Education (SAVE) program, and what this new program means for borrowers’ payment plans.
McCollum highlighted that more than 45 million borrowers hold enough student loan debt to account for 9.5% of the national consumer debt, second only to mortgages.
The SAVE program is aimed at reducing borrowers’ payments; as those that earn less than 225% of the federal poverty level will not have to make monthly payments and borrowers with original loan balances of less than $12,000 having their loans forgiven after 10 years, instead of the original 20 year limit, according to McCollum.
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