The Huge Problem of Payment Caps
Payment caps aren\u2019t something most borrowers think about, but they can have a huge impact on anyone using an income-driven repayment (IDR) plan. With ongoing court battles that could reshape repayment options, it's more important than ever to understand what payment caps are, how they work, and why they could mean massive shifts in how borrowers handle their payments and pursue forgiveness.\xa0
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In today\u2019s episode:
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01:03 How payment caps work under Saving on a Valuable Education (SAVE), Income-Based repayment (IBR) and Pay As You Earn (PAYE)
06:44 What happens if you can\u2019t get on the income-based repayment plan?
11:51 Did the Biden administration\u2019s handling of SAVE create more challenges for borrowers?
13:53 The final outcome hinges on Trump or Harris administration decisions
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