Borrowers Can Now Apply for New, Income-based Student Loan Repayment
The program opens today
A new repayment program opens today to more than 20 million student loan borrowers, with payments based on their income and family size.
The Biden administration announced the Saving on a Valuable Education (SAVE) program earlier this summer, following the Supreme Court's decision to overturn their proposed loan cancellation program.
"We refuse to go back to those days before the pandemic when nearly a million borrowers defaulted on their loans every single year because they couldn't afford the payments," said Education Secretary Miguel Cardona on a press call. "Starting today, borrowers can enroll in the most affordable student loan repayment plan ever available."
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