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Obama’s 2015 Budget Proposals for Student Loans
Hello Heather,
From what I understand, the 2015 budget proposal only applies to new borrowers after July 1, 2015. Does a borrower who consolidates all their previous loans into a Direct Consolidated Loan fall into the category of a new borrower? If so, would they have to adopt to all of the new proposals such as considering both incomes if married (regardless of filing status) for the purposes of calculating PAYE payments? Furthermore, if PAYE is the only income driven plan available in the new proposal then how will PLUS loans be treated for the purposes of PSLF? Currently borrowers can include PLUS loans into ICR plans and apply for PSLF.
Thank you
None of the details are certain, and the budget proposal won’t be adopted in any where near its current form. These are all good questions that need to be part of the ongoing debate.