Income-driven Repayment Regulatory Proposal Would Cost at Least $230B, Congressional Budget Office Says

The U.S. Department of Education’s planned regulatory changes to student loan repayment plans that are income based will cost the federal government at least $230 billion over the next decade, the nonpartisan Congressional Budget Office has newly estimated.  The proposed rule for income-driven repayment, or IDR, would allow borrowers enrolled in these plans to pay 5% monthly of what the Education Department considers discretionary income.