New Student Debt Repayment Plan SAVE Launches Beta Website For Applications

The Education Department is launching a beta website for the new Student Debt Repayment Plan to start accepting applications. The beta website can reportedly be found on the Federal Student Aid website.

On July 30, the U.S. Department of Education launched a beta website to start accepting student loan payment applications under U.S. President Joe Biden’s new Student Debt Repayment Plan, SAVE. The Saving on a Valuable Education is a new Student Debt Repayment Plan in replacement of the Revised Pay As You Earn Plan.

According to Fisher, the new Student Debt Repayment Plan intends to increase the income exemption from 150% of the poverty line to 225%. In addition, the new Student Debt Repayment Plan intends to eliminate the whole remaining interest for subsidized and unsubsidized loans after payments are made and spousal income is excluded. Reportedly, the new Student Debt Repayment Plan’s beta website can be found on the Federal Student Aid’s website.

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New Student Debt Repayment Plan

According to Lobosco, after the U.S. Supreme Court struck down the original student loan forgiveness plan last June, Biden announced a new Student Debt Repayment Plan. Biden further stated that the new student loan forgiveness plan will be established from a different law compared to the original plan.

Furthermore, the new Student Debt Repayment Plan intends to save all borrowers at least $1,000 every year and some may even be eligible to have their student loans completely forgiven after 10 years of repayment. To date, the full Student Debt Repayment Plan website is expected to be launched in August.

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