"Biden administration introduces income-driven student debt plan, more loan forgiveness on the way"

The Biden administration is launching a beta website for its new income-driven student loan repayment plan, called the SAVE (Saving on a Valuable Education) plan, allowing borrowers to begin submitting applications for the program as federal student loan payments are set to resume in October. The plan, which applies to current and future federal student loan borrowers, will determine payments based on income and family size, with some monthly 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 program is estimated to cost between $138 billion and $361 billion over 10 years.