Eligible borrowers can now enroll in a new income-driven repayment plan that could lower their monthly bills and reduce the amount they pay back over the lifetime of their loans.
over 10 years. As a comparison, Biden’s student loan forgiveness program was expected to cost about $400 billion.has gone through a formal rulemaking process at the Department of Education. The agency has previously created several other income-driven repayment plans in the same manner without facing a successful legal challenge.
Under these plans, payments are based on a borrower’s income and family size, regardless of how much outstanding student debt is owed. Borrowers with Federal Family Education Loans, known as FFEL, or Perkins Loans that are held by a commercial lender rather than the government will need to consolidate into a Direct loan in order to qualify.
Borrowers can log in to StudentAid.gov and go to their My Aid page to see what repayment plan they are enrolled in.A borrower’s application will be processed by his or her student loan servicer, a company contracted by the Department of Education. For borrowers who apply later, servicers are expected to place them in a forbearance status for the upcoming billing cycle so that they do not pay more than would be required under the SAVE plan.
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