FILE - President Joe Biden speaks about student loan debt relief at Delaware State University, Friday, Oct. 21, 2022, in Dover, Del. The White House on Friday worked to salvage its $400 billion student loan forgiveness plan that was struck down by the Supreme Court, trying to keep President Joe Biden's campaign promise to provide relief amid fears they could take their frustrations out on Democrats in next year's election. One month after the U.S.
The SAVE plan will dramatically increase the number of borrowers who can qualify for $0 monthly payments on their loans, offering further assistance to one million borrowers, the Department of Education estimates. Borrowers making less than $15 an hour will qualify for $0 payments, and those aren’t eligible will still save at least $1,000 a year on payments, compared to the existing Revised Pay-As-You-Earn plan.
A married borrower now won’t have to include their spouses income, as previously required under REPAYE, even if they filed taxes separately.
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