The student debt changes are substantial even if it's not free college. The more important part of the package is the changes to the terms of repayment: From t

The student debt changes are substantial even if it's not free college. The more important part of the package is the changes to the terms of repayment: From the press release[1]: Make the student loan system more manageable for current and future borrowers by: Cutting monthly payments in half for undergraduate loans. The Department of Education is proposing a new income-driven repayment plan that protects more low-income borrowers from making any payments and caps monthly payments for undergraduate loans at 5% of a borrower’s discretionary income—half of the rate that borrowers must pay now under most existing plans. This means that the average annual student loan payment will be lowered by more than $1,000 for both current and future borrowers. Fixing the broken Public Service Loan Forgiveness (PSLF) program by proposing a rule that borrowers who have worked at a nonprofit, in the military, or in federal, state, tribal, or local government, receive appropriate credit toward loan forgiveness. These improvements will build on temporary changes the Department of Education has already made to PSLF, under which more than 175,000 public servants have already had more than $10 billion in loan forgiveness approved. This perhaps by far the bigger set of changes because it ensures the terms of remaining and future loans remain serviceable and proportionate to the actual earning potential of the recipient, which is half the problem with the system (at least if you simply must run it this way). [1] https://www.whitehouse.gov/briefing-room/statements-releases/2022/08/24/fact-sheet-president-biden-announces-student-loan-relief-for-borrowers-who-need-it-most/ https://www.whitehouse.gov/briefing-room/statements-releases...