Under New Student Debt Relief Plan, Students Evaluate Ideal Payment Plan For October

After U.S. President Biden announced a new Student Debt Relief Plan, students evaluate which payment plan is ideal for them. The pause in student loan payments is about to end and repayments are set to resume in October.

After the U.S. Supreme Court blocked the original Student Debt Relief Plan in June, U.S. President Joe Biden announced a new Student Debt Relief Plan. Furthermore, the pause in student loan payments is about to end and repayments are scheduled to resume this coming October.

According to Confair, to date, several colleges are still divided on whether or not to provide Student Debt Relief Plan for students. Nonetheless, many student borrowers have already been notified by their loan service providers of the repayments.

READ ALSO: Student Debt Relief Plan Borrower Owing $101K Has No Hope For Biden’s New Loan Forgiveness Plan

Ideal Payment Plans Under New Student Debt Relief Plan

According to Picchi, under the new Student Debt Relief Plan, student borrowers can also begin enrolling in several student loan payment plans or even student loan forgiveness. Saving on a Valuable Education (SAVE)  is a new income-driven repayment plan that increases the income exemption.

With the SAVE plan under the new Student Debt Relief Plan, student borrowers will not receive penalties for failing to settle loan payments until September 2024. Interested student borrowers can enroll in the SAVE plan on Studentaid.gov. However, to find out the best repayment plan, student borrowers must still contact their local student loan provider.

READ ALSO: New Income-Driven Student Debt Repayment Plan: Biden Administration Is Launching Beta Website!