(CNN) – Some financial aid help may be coming to those who are still paying federal student loans.
The Department of Education announced Tuesday it’s making changes to the system.
The actions will benefit nearly 4 million people, bringing them a few years closer to forgiveness through the income-driven repayment program.
The income-driven repayment program offers four repayment plans and allows those in debt to avoid loan default by lowering monthly payments based on family size and income.
It also promises loan forgiveness after at least 20-years’ worth of payments is completed.
Thousands of other borrowers will also get immediate forgiveness due to the public service loan forgiveness program.
Copyright 2022 CNN Newsource. All rights reserved.
Read More: Department of Education announces more student loan changes
