The Biden Administration Announces Student Loan Repayment Plan

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.

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