The Biden administration is unveiling an ambitious new student loan repayment program today that will be more generous, flexible and forgiving than previous plans — but it's unclear how or when the administration will be able to fully implement it.
The U.S. Department of Education says proposed updates to its income-driven repayment plan would, among other things, cut loan payments in half for undergraduate borrowers, but its rollout could be complicated by the fact that the Office of Federal Student Aid (FSA) — the agency that oversees the government's student loan portfolio — is in an unexpected funding crisis, created by a political fight between Congressional Republicans and Democrats, and the White House.
