Phase out existing income-driven repayment plans
What the document says“The Secretary should phase out all existing IDR plans by making new loans (including consolidation loans) ineligible”
The chapter proposes a single replacement plan with an income exemption equal to the poverty line and payments of 10 percent of income above it. It says that if new legislation is possible there should be no loan forgiveness at all, but that without it existing law would require forgiving any remaining balance after 25 years.
What the document actually says“The Secretary should phase out all existing IDR plans by making new loans (including consolidation loans) ineligible”
Close the current payment plans to new loans. Let them run out.
Some plans set payments by what a borrower earns. The book says these should be closed to new loans. One new plan would replace them.
No action is recorded against this proposal. That is not evidence that none has been taken. See what the tracker does not yet cover.