More than half a million federal student loan borrowers are waiting for the Department of Education to approve them for more affordable repayment plans as millions of borrowers find themselves in default.
A total of 576,609 borrowers had pending requests to access income-driven repayment plans by the end of February, according to a Monday court filing.
These repayment options are meant to aid borrowers who otherwise would struggle to manage their loan debt by allowing them to set their monthly bill based on their income. Any remaining balance on these plans is canceled after 20 to 25 years ...