this post was submitted on 12 Jan 2024
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The White House announced Friday that some student loan borrowers enrolled in President Joe Biden’s SAVE plan may see their remaining balance wiped away starting next month.“And, it’s part of our ongoing efforts to act as quickly as possible to give more borrowers breathing room so they can get out from under the burden of student loan debt, move on with their lives and pursue their dreams.”
The Saving on a Valuable Education plan was launched last summer after the Supreme Court struck down Biden’s one-time student loan forgiveness program aimed at delivering up to $20,000 of relief to millions of borrowers.
Unlike the proposed program, SAVE is a repayment plan that provide benefits for both current and future borrowers who sign up for it.
Nearly 4 million borrowers have a $0 monthly payment, the White House said Friday.
Another provision of the plan that could cut some borrowers’ payments in half is scheduled to take effect in July.
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