Biden pushes new student loan repayment plan as bills loom for tens of millions
President Joe Biden on Tuesday launched a promotional blitz for his new program that helps student loan borrowers repay their debt, just weeks before millions of Americans are set to receive a loan bill for the first time since the beginning of the pandemic.
The Biden administration is mobilizing to convince borrowers across the country to sign up for the new income-driven repayment program — dubbed the “SAVE plan” — which caps interest accrual and lowers the monthly payment amount for many borrowers.
“It’s the most affordable student loan plan ever,” Biden said in a video released by the White House on Tuesday, describing the program as a major reform to a student loan system “that hurt borrowers for much too long.”
“If you’re eligible for the SAVE Plan, sign up now so you can lower your monthly payments in advance of payments resuming this fall,” Biden said.
Just applied tonight and looks like it should reduce my payment by about 50%.
I'm so happy for you! I'm going to see if we can bring down my wife's grad school loan payments. They may not apply.
Thank you! My loans are from law school and they qualified so definitely give it a shot. Good luck to you and your wife!
Oh man that’s great! This is not the complete loan forgiveness I had hoped for but it’s a start and I hope lots more benefit from this especially the ones who needed it the most.