The Biden administration has launched a new website aimed at helping expand benefits to low-income borrowers. Here's more.
President Joe Biden speaks about student loan debt relief at Delaware State University, Friday, Oct. 21, 2022, in Dover, Del.
“The SAVE plan will cut payments on undergraduate loans in half compared to other [income-driven repayment ], ensure that borrowers never see their balance grow as long as they keep up with their required payments, and protect more of a borrower’s income for basic needs,”Student loan repayments are set to begin again in October. They were paused in spring 2020 as part of the COVID-19 relief package and extended by both former President Donald Trump and Biden via executive actions.
Under the new SAVE proposal, any loan interest not covered by a borrower’s monthly payment will not be charged by the Department of Education so that the overall loan won’t increase just because of unpaid interest.A married borrower now won’t have to include their spouses income, as previously required under REPAYE, even if they filed taxes separately.
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