These schools are trying a new 'pay-it-forward' student loan plan: 'No interest, no fees'

These schools are trying a new 'pay-it-forward' student loan plan: 'No interest, no fees'

These schools are trying a new 'pay-it-forward' student loan plan: 'No interest, no fees' In total, approximately 43 million Americans owe $1.77 trillion in student loan debt. The Department of Education has not collected on defaulted loans since March 2020, a policy of the COVID-19 lockdown era, which was continually extended by the Biden administration. That prolonged pause was lifted in early May, when the Department of Education resumed collections at the behest of the Trump administration. The shift sent borrowers scrambling to find ways to fulfill their repayments or risk wage garnishment or tax refund seizures. Other repayment plans are up for discussion in Congress right now, with most Republicans backing the Trump administration’s plans to phase out Biden-era payment options. In turn, they are proposing a Refund Assistance Plan, under which borrowers’ monthly payments would range from 1% to 10% of their income. While student debt repayment changes loom, other stak…