Dennis Ross: Responsible solutions to repaying student loans
The Government Accountability Office (GAO) recently published a report stating that federally issued Direct Student Loans placed in Income-Driven Repayment (IDR) plans will cost the government $74 billion, which is higher than previously estimated. According to the GAO, as of June of this year, 5.3 million student loan borrowers are repaying their loans in IDR plans. This means 5.3 million borrowers are repaying their loans with smaller monthly payments, thereby extending the time in which they will actually repay the…
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