Millions of student loan borrowers will be able to skip their July payments.
FILE - In this Friday, May 12, 2006, file photo, university students in their caps and gowns are silhouetted as they line up for graduation ceremonies in Lawrenceville, N.J.Millions of student loan borrowers will be able to skip their July payments and pay lower amounts in the following months due to the implementation of the Biden administration’sthat borrowers have been notified they will not have to make payments in July to allow for recalculation using the income-driven SAVE plan.
“We look forward to providing millions of borrowers with lower monthly payments as part of the Biden-Harris Administration’s work to provide the most affordable student loan repayment plan ever,”Starting July 1, borrowers under the SAVE plan will see their monthly payments drop by as much as half. Previously, payments for undergraduate degrees were capped at 10% of a borrower’s discretionary income but that will drop to 5% under SAVE.
For example, the Department of Education said a current borrower paying $130 a month would see their undergraduate loan cut to $65 a month. Someone with graduate and undergraduate loans would pay $108; graduate loan borrowers would pay $130.If you purchase a product or register for an account through a link on our site, we may receive compensation.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Trump to Be Sentenced July 11, Four Days Before Republican Convention Starts July 15Source of breaking news and analysis, insightful commentary and original reporting, curated and written specifically for the new generation of independent and conservative thinkers.
Read more »
Population Map Reveals Fastest Growing US States This CenturyThe population grew in 49 of America's 50 states between July 2000 and July 2023.
Read more »
Where you can see Morgan Wallen and Jelly Roll together this summer: How to buy ticketsThe two country music stars will appear together at concerts on July 11, July 12, July 25 and Aug. 8, 2024.
Read more »
Where you can see Morgan Wallen and Jelly Roll together this summer: How to buy ticketsThe two country music stars will appear together at concerts on July 11, July 12, July 25 and Aug. 8, 2024.
Read more »
First ‘Fish-for-Free’ day of 2024 set for Memorial Day weekend, another in JulyThe Pennsylvania Fish and Boat Commission’s first “Fish-for-Free” day is this weekend! Which means anyone can fish without a license.
Read more »
Trump Will Announce VP Pick At July RNC—He's Already Name-Dropped These 4Sara Dorn is a Forbes news reporter who covers politics, with a focus on elections and Capitol Hill. She joined Forbes in 2022 and is based in New York.
Read more »