3 tips on student loans

The Biden administration's student loan relief program, SAVE, is set to reduce payments this summer for many borrowers, but there are legal challenges looming.The SAVE plan is the administration’s revamped income-driven repayment, or IDR, plan. It was announced last summer and has already been a vehicle for the administration toStudent loan borrowers should keep an eye on their balances this summer, as big changes are coming.

In July, borrowers with loans from their undergraduate education will see their payments cut in half. Monthly payments are currently calculated to be, but in July that number will drop to 5%. Payments will be paused in July while the department does all the recalculations, but borrowers should see the new payment amount reflected in August.

The Missouri one makes a similar legal argument to that used in the case that saw the Supreme Court strike down the administration’s debt forgiveness plan in 2022. In talks with experts, it sounds like it’s possible this Missouri case will gain traction. But given the timing, it most likely won’t get in the way of this payment drop in July.Though broad debt forgiveness failed in 2022, the administration has been chipping away at the nation’s $1.5 trillion student loan debt.

Source: Education Headlines (educationheadlines.net)

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