"Biden's Student Loan Forgiveness Initiatives: Impact and Implications"

The Biden administration's Student Aid Verification for Equity (SAVE) plan has provided 4.3 million borrowers with $0 monthly payments for the next year, allowing them to effectively not pay their student loans for a year. The plan calculates payments based on income and family size, with an expanded income exemption of 225% of the federal poverty limit. Borrowers can also qualify for student loan forgiveness after a certain number of years in repayment, with even $0 payments counting toward forgiveness.