Many borrowers would face lower monthly payments and the department will curb interest accrual.
The Education Department says that undergraduate borrowers won’t see their payments cut in half under the program until July 2024. | Darron Cummings/AP PhotoAlongside his pledge to start over on a plan to cancel student debt, President Joe Biden last week unveiled the final details of his separate student loan repayment program. The program, which has been in the works for more than a year, will permanently reshape how borrowers repay their federal student loans.
It plans to automatically switch borrowers currently enrolled in the existing REPAYE plan to SAVE at that time. The department says that borrowers who apply for one of those plans “this summer” will have their applications “processed in time” for their first payment due dates that begin in October.Two of the biggest benefits of the SAVE program will go into effect “this summer,” according to the Education Department.
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