This memo highlights how the failures of Income-Driven Repayment (IDR) impact older Americans with student loan debt who have carried loans for decades, as well as those who attended school later in life to try to better their lives. While prospective regulatory fixes to IDR may help some borrowers moving forward, they will not provide relief to older borrowers with long-time loans. The Biden administration must right that wrong by implementing an IDR fix that will provide credit towards loan forgiveness for borrowers’ time in default, forbearance, and deferment.
Read the Memo:Â Older Borrower Voices on the Incomplete Promise of Relief through IDR