"Biden's New Student Debt Plan: Income-Driven Repayment Launches"

The Biden administration is launching a beta website for its new income-driven student loan repayment plan, called the SAVE plan, allowing borrowers to begin submitting applications as federal student loan payments are set to resume in October. The plan aims to lower monthly loan payments for some borrowers and reduce the amount they pay back over the lifetime of their loans. Borrowers can access the beta website and complete the enrollment process, which is estimated to take 10 minutes. The plan determines payments based on income and family size, with some payments as low as $0. The income threshold to qualify for $0 payments has been increased, and more than 1 million additional borrowers are expected to qualify. The full website launch will occur in August, and the plan is expected to cost the federal government between $138 billion and $361 billion over 10 years.