Biden Administration to Grant New Flexibilities to Student Loan Borrowers. Here are the flexibilities

Borrowers can self-declare their IDR to reduce federal loan payments

US Education Department has temporarily postponed the IDR rectification datesĀ 

Borrowers who paid EMIs during the Student Loan Pause will get refunds

Borrowers who opted for loan forgiveness through PSLF will have a relaxed application process

Borrowers will not get penalised for defaulting on their payments in the past

Borrowers could get a 50% relaxation on monthly loan payments

Biden administration is also planning to provide a grace period to borrowers at the end of the pause