President Joe Biden’s new student loan forgiveness backup plan, called SAVE, aims to halve most borrowers’ payments on undergraduate loans. Any borrower with a federal loan in good standing is eligible, according to the White House.
for borrowers on SAVE, according to the White House, including:
People who make their regular monthly payments will not have to pay additional unpaid interest. That means that if $70 of interest accrues on your balance each month, but your payment is set at $50, you will not be charged the remaining $20. If SCOTUS’ recent ruling striking down President Biden’s relief plan still has you reeling, then the Broke & Bothered newsletter is for you. Join Reckon’s Alexis Wray as she questions the legitimacy of student loans, gives you tools to take action and shares stories from real people most impacted:The SAVE program is likely to come under harsh political and legal scrutiny. It’s also not clear whether loan servicers are prepared to update millions of accounts.
“This new path is legally sound,” Biden said Friday. “It’s going to take longer, but, in my view, it’s the best path that remains to providing for as many borrowers as possible with debt relief.”Unless and until borrowers get a notice that they are on a SAVE plan,. The SAVE program doesn’t have a clear rollout date, but the White House says that people who apply for an IDR plan this summer should be processed and approved in time for the first federal payment due date this fall.
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