Nearly 5.5 million student loan borrowers are enrolled in the Saving on a Valuable Education (SAVE) repayment plan, with 2.9 million of those borrowers making $0 monthly payments, the Biden administration announced Wednesday.
Nearly 5.5 million student loan borrowers are enrolled in the Biden administration's Saving on a Valuable Education repayment plan, with 2.9 million of those borrowers making $0 monthly payments, the administration announced Wednesday.The announcement comes just over month after student loan payments resumed for borrowers beginning Oct. 1. Among those 5.5 million borrowers enrolled in SAVE, 2.9 million of those borrowers have monthly payments of $0, according to a. The remaining 2.
In addition, about one third – 1.8 million – of the 5.5 million borrowers enrolled in SAVE are new to an income-driven repayment plan, according to the release. Another 364,000 borrowers have switched to SAVE from a different IDR Plan since September.introduced as a replacement “Under President Biden, the Department created the SAVE Plan so that young people and working families can climb the economic ladder without unaffordable student loan debt weighing them down,” U.S. Secretary of Education Miguel Cardona said in the release. “I’m thrilled to see that in less than three months, nearly 5.
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