All articles tagged with #save program
Approximately 460,000 student loan borrowers will be denied the Biden-era SAVE repayment plan as the program is deemed illegal and being phased out, leading to concerns about higher payments and reduced forgiveness opportunities, with new plans being introduced by the Department of Education amid ongoing legal and legislative changes.
President Biden's student loan repayment program, known as SAVE, which aims to cut monthly payments in half for millions of borrowers, is facing legal challenges from Republican-led states. The lawsuits argue that the administration has exceeded its authority and that the program is a backhanded attempt to wipe debts clean. The SAVE plan, with over eight million enrollees, offers more generous terms than previous income-driven repayment programs and has already resulted in the cancellation of $4.8 billion in debts for 360,000 enrollees.