President Joe Biden and his team launched a beta website for its new Saving on a Valuable Education (SAVE) Plan. Student borrowers can start applying for the new IDR plan before the payments will resume on October 2023.
Good Opportunity For The Student Borrowers
The Biden Administration launched the website last Sunday aiming to help student borrowers reduce their burden on their monthly payments. The new SAVE Plan can lower their monthly payments and it applies to both current and future college students. According to the Department of Education (DOE), enrollment is now open at Federal Student Aid and the process will take about 10 minutes.
The new site is much better than past systems because the student borrowers can see the exact payment amounts and have a big chance to choose the most affordable plan. Take note those who are currently in the Revised Pay As You Go (REPAYE) Plan will be enrolled automatically.
But the repayment plan will be depending on both income and family size. According to the White House, the SAVE Plan will help student borrowers to lower their payments by at least $1,000 annually. Some of those student borrowers are eligible to have their loan forgiven after 10 years of repayment. Those borrowers looking for the beta site of the new SAVE Plan can be found on the Federal Student Aid Website.