The Department of Education said it had received nearly 4 million applications for a new income-driven repayment program since launching at the end of July.
Republican legislators seek to block plan
Under the plan, borrowers earning less than $15 an hour would not have to make any payments and borrowers earning above that amount could save more than $1,000 a year on their payments compared to other IDR plans. Borrowers would never see their balance grow due to unpaid interest as long as they keep up with their payments.
"President Biden's latest student loan scheme is even more expensive than his original 'forgiveness' gimmick," Sen. Jim Risch said. "Taxpayers will foot the bill for this
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