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Borrowers could get up to $300 back in their monthly budget from student loan forgiveness. Here’s how to use that money

Tuesday, August 30, 2022
Jessica Dickler | CNBC
Jaylon Herbin
Now that the Biden administration has wiped out hundreds of billions of dollars in education debt and proposed a new income-driven repayment plan that could cut monthly payments in half for undergraduate loans, many borrowers will have lower monthly payments, or none at all. This “gives borrowers a chance to achieve their goals,” said Jaylon Herbin, a policy and outreach manager at the Center for Responsible Lending. That’s particularly true for women and Black borrowers, who carry higher balances after graduating, he said.