ABC’s of Education: More than 4 million signed up for S.A.V.E plan

Columbia, SC (WOLO) — In your ABC’s of Education, more than four-million people have enrolled in President Biden’s new S.A.V.E. plan.
The repayment plan promises to lower monthly bills as student loan payments are set to resume in
October after a years-long pandemic-related pause.

S.A.V.E. stands for Saving on A Valuable Education. It’s available to most people with federal student loans and can provide significant relief to borrowers struggling to pay off their student debt.
The majority of people who already enrolled in save were previously enrolled in a different repayment plan. The revised pay as you earn or “Repaye,” and automatically transferred.

Borrowers who were not enrolled in repaye must apply for the SAVE plan.