Trump-Pence: Trump has halted federal student loan payment extending through the end of the year due to the coronavirus. His plan proposes limitations on federal PLUS loans, which allow parents and graduate students to borrow up to their school’s cost of attendance minus other aid received. He also proposes ending the Public Service Loan Forgiveness program which forgives the student loan debt for qualifying public service and nonprofit employees after 10 years of eligible payments. Lastly, he intends to combine existing income driven plans. That would mean undergraduate loans would decrease from a 20-year to a 15-year repayment term, and graduate loans would increase from a 25-year to a 30-year repayment term, set between 10 to 20 percent of your discretionary income.
Maybe because it has to do with money, but this seems to be one of the only things Trump has actually laid out. However, Trump prosing to end the PSLF program is a major loss, especially for those burdened with debt who work in public service.
Biden-Harris: Under Biden, up to $50,000 of your debt would be forgiven for borrowers who provide public service. When it comes to revised income payment, only undergraduate loans qualify, where you’d pay five percent of your discretionary income. You wouldn’t be required to make monthly payments if you make less than $25,000. Biden’s income-based plan would forgive any remaining undergraduate balance tax-free after 20 years. All new and existing borrowers would be automatically enrolled in this new plan with the option to opt out.
Education shouldn’t place you in debt and it looks like Biden is making a move to eradicate that here.