Policy Updates

On August 22, 2023, the Biden-Harris Administration launched the Saving on a Valuable Education (SAVE) plan to help student loan borrowers lower their monthly student loan payments. The SAVE plan is an Income-Driven Repayment (IDR) plan which calculates monthly payments based on income and family size. It also prevents student loan debt balances increasing due to unpaid interest. The SAVE plan allows student loan debt to be forgiven after 10-25 years, depending on the amount of the loan balance. The Administration issued a fact sheet about the SAVE plan. More information about the SAVE plan and how to apply can be found on the Federal Student Aid website.