Biden’s SAVE Repayment Plan Aims To Lower Student Loan Bills

'Saving on a Valuable Education' also known as 'SAVE' aims to provide benefits for both current and future borrowers who sign up for it.

Though the Supreme Court blocked President Biden’s ‘Student Loan Forgiveness Program’, a separate change to the federal student loan system is progressing.

After the years-long pandemic pause is officially lifted in October, some borrowers will be able to enroll in a new income-driven repayment plan that could lower their monthly bills and reduce the amount they pay back over the life-time of their loans.

‘Saving on a Valuable Education’ also known as ‘SAVE’ aims to provide benefits for both current and future borrowers who sign up for it.

Borrowers must have federally held student loans to qualify for the new program, private loans do not qualify.

Borrowers who are already enrolled in the ‘REPAYE’ repayment plan will be automatically switched to ‘SAVE’ once it becomes available later this summer.

For more information on how you can enroll and if you are eligible, visit StudentAid.