Over the last 10 years or so, Congress and the Obama administration have introduced several versions of the income-driven repayment plans. What these plans have in common is they base your eligible federal student loan payments on your income and family size, ensuring those payments are affordable for most borrowers.
More people have more student loan debt than at any time in history. Average student loan debt has tripled since the mid-1990s. Last year, the average student debt for a college graduate was more than $35,000, according to Mark Kantrowitz, a student loan expert at Cappex, which connects students with colleges and scholarships.
Two days before the presidential inauguration, the Consumer Financial Protection Bureau announced it had filed a lawsuit against student loan servicing giant Navient. The announcement made headlines and caused a lot of concern among student loan borrowers, especially those with loans that Navient services.