Borrowers of student loans claim the new income-driven repayment scheme might change their lives.
ustin Short referred to the day the Biden administration reve
aled its eagerly awaited student loan forgiveness program as a "celebratory day."
Short, 34, earned a degree in hospitality management from the University of Missouri in 2012,
as well as $47,000 in federal student loans and $5,800 in pri
vate student loans.
His undergraduate debt has affected his personal and financia
l decisions for years,
like it does for many other debtors.
If a borrower made a required payment,
it would cover any accrued interest and prevent their balance
Additionally, for those whose initial loan sums were $12,000 or less
it would forgive loan balances after 10 years of payments rat
her than the customary 20.