On June 30, the Biden Administration announced a repayment plan for federal student loan borrowers, known as the Saving on a Valuable Education (SAVE) plan. SAVE is an income-driven repayment plan, under which borrowers will be required to pay just 5% of their discretionary income towards student loans, down from the previous 10%, while borrowers who make less than $15 an hour will not be required to resume payments. Additionally, the Department of Education will institute a 12-month period starting on October 1, 2023, in which borrowers who miss payments will not be considered delinquent.
The Biden Administration Announces Student Loan Repayment Plan
Published on August 4, 2023
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