Applications to enroll in the SAVE program are now available on the Federal Student Aid website.
. “The SAVE plan is a big part of that. It is important in this moment as borrowers are getting ready to return to repayment.”to cancel or reduce federal student loan debt for millions of Americans.Under the SAVE program, borrowers with undergraduate loans will see their monthly payments drop from 10% of discretionary income to 5% of discretionary income.
In addition, borrowers with original loan balances of $12,000 or less will have their balances forgiven after 10 years of payments, rather than the previous rule of 20 years. This specific reform will allow nearly all community college borrowers to be debt-free within 10 years, according to the release.
Another important part of the Biden administration’s SAVE program is the decision to not charge borrowers with unpaid monthly interest. Student loan borrowers will not see their balances grow due to interest as long as they make their monthly payments, even if that monthly payment is $0, according to the release.
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