According to a recent forgiveness proposal unveiled by U.S. President Joe Biden and the Department of Education, most student loan borrowers may be eligible to have a portion of their debt forgiven.
The Saving on a Valuable Education (SAVE) plan, which is the greatest economic repayment plan ever made, was finalized by the Biden-Harris administration today, according to a statement released by the White House on June 30.
This income-driven payment strategy will allow numerous customers to make $0 every month, save the rest of the borrowers at least $1,000 annually, and make sure that borrowers’ balances don’t rise due to unpaid interest.
The new SAVE plan was announced right after the U.S. Supreme Court invalidated Vice President Biden’s plan to terminate up to $10,000 in student debt for certain consumers and up to $20,000 for Pell Grant beneficiaries.