In this Feb. 28, 2023, file photo, people rally in support of the Biden administration's student debt relief plan in front of the the Supreme Court, in Washington, D.C.The Biden administration is launching an application for a new student loan repayment plan Tuesday as part of its latest attempt to offer relief to borrowers as payments resume despite significant political hurdles.
Starting in July of 2024, borrowers approved for a SAVE plan will see their monthly payments slashed in half for undergraduate loans, falling from 10% to 5% of disposable income -- the money left over after paying for necessities like food and rent. Borrowers who had $12,000 or less in initial loan amounts will also see their required payment time dramatically reduced, from 20 years to 10 years for undergraduate loans. Those with higher original principle will be required to make an extra year of payments for every additional $1,000 in loans, up to 20 years.
The administration is urging anyone interested in applying for SAVE to do so in the coming days with the expectation that these benefits will kick in when payments resume in October, though no firm date was given.
Source: Education Headlines (educationheadlines.net)
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