Biden student loan cancellation update: Borrowers now able to apply

Beginning on Tuesday, student loan borrowers can begin enrolling in Biden's Saving on a Valuable Education repayment plan, which the administration is billing as"the most affordable student loan plan ever."

The launch of the SAVE plan comes just weeks before millions of Americans are set to receive a loan bill for the first time in more than three years. Since the beginning of the pandemic, student loan payments have been on pause, but the moratorium is set to expire at the end of August. Interest will also start accruing again in September. The first due date will come in October.

"That's going to save the typical borrower around $1,000 a year. It's going to give borrowers a little bit more breathing room," Biden said in a video released by the White House on Tuesday. Borrowers who participated in the previous iteration of the SAVE plan, the Revised Pay As You Earn plan, will automatically be enrolled in the new one.

Loans Loans Latest News, Loans Loans Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Feds say company used 'Biden Loan Forgiveness' to scam borrowersTwo companies are accused of taking advantage of the uncertainty in student loan debt forgiveness to scam borrowers.
Source: 10News - 🏆 732. / 50 Read more »

Biden bails out more student loan borrowers after Supreme Court rejectionPresident Biden unveiled his latest attempt to forgive student loan debt on Tuesday, months after the Supreme Court struck down his first handout.
Source: FoxBusiness - 🏆 458. / 53 Read more »

Borrowers can now apply for new, income-based student loan repaymentMore than 20 million borrowers are eligible under the new repayment plan, and many will see lower payments.
Source: NPR - 🏆 96. / 63 Read more »