Washington (CNN) — More than 4 million people have so far enrolled in President Joe Biden’s new repayment plan, known as SAVE, which promises to lower their monthly bills as
The Biden administration announced Tuesday that 4 million student loan borrowers have been enrolled in the new Saving on a Valuable Education (SAVE) income-driven repayment (IDR) plan two weeks after it was officially launched. The administration has touted SAVE as the “most affordable IDR plan” ever offered to borrowers, officially launching it right before interest…
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The plan calculates payments based on a borrower’s income and family size rather than how much they owe, and is designed to help borrowers reduce their monthly payments, limit how much interest can add up over time and lower the overall amount that must be paid back over a borrower’s lifetime.