ABC’s of Education: Biden administration opens student loan repayment plan
(CNN) — In tonight’s ABC’s of Education, The Biden Administration opened its new student loan repayment plan, giving borrowers an early shot at signing up for the program.
The saving on a valuable education (SAVE) plan is an income-driven repayment program. the save plan is available to borrowers with a direct loan in good standing.
an IDR, pegs a borrower’s monthly payment to their income, lowering their financial burden.
For instance, a household with four family members and an annual income of $60,000 would pay $0 per month under the new plan, while a one-person household with the same income would pay $227 a month.
This comes as student loan repayments are set to resume this fall after a three-year hiatus because of covid.
If you would like to find out more about the Save plan, or would like to apply you can click on the link provided HERE
If you would like to find out what your estimated monthly payment would like under the SAVE plan, you can click on the link provided HERE