Income-driven repayment (IDR) plans are designed to help borrowers make affordable student loan payments for no more than 20 or 25 years, depending on the type of plan. However, the complexity of these programs has made it notoriously difficult for borrowers to navigate:
- The application process is lengthy and requires annual re-enrollment;
- Servicing errors and abusive practices keep low-income borrowers in IDR for too long;
- Lack of broad forgiveness has kept millions trapped in a cycle of debt.