Biden Administration’s SAVE Plan Could Cut Undergraduate Student Loan Debt In Half
The full website will launch this month. For now, borrowers can already enroll on the beta website. Those who sign up or are already signed up for the current Revised Pay as You Earn plan will automatically be enrolled in the SAVE plan once it is implemented. Applications take about 10 minutes to complete, and borrowers can use the Department of Education Loan Simulator to determine if SAVE is the best plan for them.
For undergraduate student loans, the SAVE plan will cut in half the amount that borrowers have to pay each month from 10% to 5% of discretionary income. The plan will also raise the amount of income that is considered non-discretionary income and will be protected from repayment. This means that borrowers earning about under a $15 minimum wage won’t have to make monthly payments.
For borrowers with original loan balances of $12,000 or less, the SAVE plan will forgive loans after 10 years of payments instead of 20 years. When it comes to unpaid monthly interest, borrowers will not be charged as long as they make their monthly payments. This includes monthly payments of $0 because of low income.
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