"Biden's Student Loan Forgiveness Plan: A Wake-Up Call for Systemic Reform"

The Supreme Court struck down President Biden's student loan forgiveness plan, but the administration is now working on a new student loan repayment plan under the Higher Education Act. The new plan, called the Saving on a Valuable Education (SAVE) plan, aims to reduce borrowers' monthly payments to zero dollars, cut payments in half, or save at least $1,000 a year. The administration also announced an "on-ramp" repayment program to prevent financially vulnerable borrowers from facing delinquency or default. While the plan is part of a long-term rulemaking process, the Biden administration remains committed to providing relief to student loan borrowers.