'SAVE' plan: What to know about Biden's alternate approach to cut student loan debt
Under the SAVE plan, the typical student loan borrower would save about $1,000 a month, the president said.
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Under the SAVE plan, the typical student loan borrower would save about $1,000 a month, the president said.
Starting this summer, millions of Americans with student loans will be able to enroll in a new repayment plan that offers some of the most lenient terms ever.
The Biden administration calls it a “student loan safety net.” Opponents call it a backdoor attempt to make college free. And it could be the next battleground in the legal fight over student loan relief.
The plan is the Biden administration's new hope to ease the burden of student loans on borrowers, but it's unclear if federal courts will uphold it.
It's known as the SAVE Plan, and although it was announced last year, it has mostly been overshadowed by President Biden's proposal for mass student loan cancellation.