Borrowers can start submitting applications for Biden's recently unveiled Saving on a Valuable Education (SAVE) plan, the U.S. Department of Education said.
Biden's updated income-driven repayment plan could cost more than previously forecasted as the administration makes plans for current and future student loan debt.
Biden's new SAVE student loan repayment plan could take up to 30 years before borrowers see "forgiveness at the end of the rainbow," says Ramsey Solutions' Jade Warshaw.
President Biden's plan to replace his failed student loan program will cost taxpayers $475 billion over 10 years, according to a Penn Wharton analysis.