Press Release/Statement | January 10, 2023

TICAS Statement on Proposed Income-Driven Repayment Improvements

Author: Statement of Sameer Gadkaree

“We applaud the Biden-Harris Administration for proposing significant improvements to income-driven repayment (IDR). The changes proposed today would provide meaningful financial relief to millions of borrowers and help shield students from debt that has not paid off, including those who start college but do not complete a degree. The proposal would lower monthly payments, shorten the repayment term for those with lower balances, and prevent balances from ballooning due to interest charges. It also includes new protections from the harsh, punitive consequences of loan default. This proposal — especially if paired with strong accountability for programs that create unsustainable debt loads — would strengthen today’s most important safety net for borrowers as we work toward a future where it will no longer be necessary to take on debt to earn a degree.”