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Biden admin launches new income-driven student loan repayment program

The Hill: “The Biden administration officially launched the new income-driven student loan repayment plan for borrowers Tuesday, ahead of repayments restarting this fall. The official launch of the Saving on a Valuable Education (SAVE) plan comes just weeks before interest will begin to accrue on student loans for the first time in more than three years in September. Repayments will resume in October, although no financial consequences will come to borrowers if they are unable to pay for up to a year. “Starting today, millions of borrowers can reduce their monthly student loan bills by enrolling in the SAVE plan, the most affordable repayment plan in history,” said Education Secretary Miguel Cardona. “The SAVE plan is another huge step forward in President Biden’s tireless efforts to fix the broken student loan system, reduce the burden of student debt on working families, and put borrowers first.”

  • Borrowers can visit a page on the Federal Student Aid website and find a quick application process that takes around 10 minutes to complete. Some information that may be difficult for borrowers to find for the application, such as tax returns, can automatically be inserted by the department due to information the government already has…”

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