"Two recent reports are highlighting the need for reforms to income-driven plans for paying back student loans, as the repayment pause ends early next year and the Department of Education looks to create a new plan through the regulatory process. Of the borrowers in repayment in the Education Trust’s study on how Black borrowers experience student loans, 72 percent were enrolled in an income-driven repayment, or IDR, plan. Those borrowers described IDR as something that feels like a “lifetime debt sentence,” said the report, which was based on a national survey of nearly 1,300 Black borrowers and in-depth interviews with 100 Black borrowers.

'Borrowers often felt like they were making payments without any end in sight, and that was compounded by other financial debt -- from payday loans or housing debt or car debt or credit card debt,' said Jalil Bishop, who co-authored the report." Continue reading here.

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