The so-called Saving on a Valuable Education, or SAVE, plan is meant to disproportionately focus on low-income borrowers, calculating payments based on income and family size rather than loan balance. Officials said many borrowers’ monthly payments will be reduced to nothing, while others should save around $1,000 per year.
“We refuse to go back to those days before the pandemic” when millions per year wouldn’t be able to make payments, Education Secretary Miguel Cardona said on a call with reporters Monday, hailing the SAVE plan as the first true student-loan safety net in the country.
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