US Edition4 million people enroll in Biden's SAVE student loan repayment plan ahead of payment restart
- Over 4 million people have enrolled in President Joe Biden's new student loan repayment plan, known as SAVE, which aims to lower monthly bills for borrowers. The majority of enrollees were previously in a different repayment plan and were automatically transferred. More than 1 million people have applied for the SAVE plan to date. The plan calculates payments based on income and family size, and unpaid interest does not accrue if a full monthly payment is made. Additional features of the plan will be phased in next year.
- The SAVE plan is expected to provide relief to borrowers struggling with student debt. It offers benefits such as lower income thresholds before payments kick in, smaller monthly payments, and shorter time to debt forgiveness. However, not all borrowers are eligible for SAVE, and concerns remain about access to the program and navigating the student loan system. Advocates are particularly concerned about low-income borrowers being aware of the option and facing potential logistical challenges in enrolling.
- The enrollment data shows that about 9% of federal student loan borrowers are enrolled in SAVE, with most being those who were automatically transferred from a previous repayment plan. Nearly 1 million borrowers have applied for the plan through the Department of Education's website. There are concerns about the breakdown of who is getting enrolled and whether low-income borrowers are informed about the benefits. Advocates worry that previous problems in accessing student loan benefits may persist and be exacerbated by understaffed call centers.
54 Articles
54 Articles
With federal student loan payments to resume, thousands of Alaskans enroll in new Biden administration plan
The White House rolled out the income-driven repayment program, called Saving on a Valuable Education — or SAVE — after the Supreme Court blocked President Biden’s earlier loan forgiveness policy.
4 million have enrolled in Biden's new student loan repayment plan
Weeks away from the resumption of federal student loan payments, 4 million people have enrolled in President Biden's new income-driven repayment plan that promises a lower monthly bill and a shorter path to loan forgiveness, the Education Department said Tuesday.
More than 4 million student loan borrowers sign up for Biden’s new plan to cut payments
More than 4 million people have enrolled in the Biden administration's new income-driven repayment plan that will cut monthly student loan payments, while Senate Republicans call it a reckless move that will cost taxpayers billions.
Millions enrolled in new student loan repayment program
Photo via Getty Images WASHINGTON — More than 4 million federal student loan borrowers are enrolled in the Biden administration’s new repayment program, according to figures released Tuesday by the Department of Education. With the pause of more than three years on federal student loan repayments coming to an end in October, and the Supreme Court’s summer decision to strike down the White House’s one-time debt relief program, the Department of E…
Student loan forgiveness: 4 million student loan borrowers, 63,500 Alabamians, enrolled in SAVE plan
More than 4 million student loan borrowers – including 63,500 Alabamians – are now enrolled in the White House’s new loan forgiveness program, the Department of Education announced.
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