The Biden administration confirmed it is rolling out an income-driven student loan repayment plan for borrowers on Tuesday, coming before loan repayments are slated to start again in the fall.
President Joe Biden announced the SAVE plan alongside Education Secretary Miguel Cardona and other members of the administration, saying that under the program, borrowers who make about $15 per hour won’t have to make any payments. People earning above that threshold will save some $1,000 each year as compared with other repayment plans, according to a statement from the Department of Education.
