Nearly 5.5 million federal student loan borrowers have enrolled in what the Biden administration calls “the most generous” repayment option ever offered, federal officials said on Wednesday.
The repayment plan, dubbed the Saving on Valuable Education (SAVE) plan, went into effect in August as part of President Joe Biden’s regulatory effort to dramatically reduce monthly obligations for student borrowers who aren’t earning very much, with many borrowers seeing their bills shrink to practically nothing.
