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Biden Admin Introduces New Beta Income-Driven Student Debt Plan

August 3, 2023 | By Kali Girl

The Biden administration is unveiling a beta website for its new income-driven student loan repayment plan, known as SAVE (Saving on a Valuable Education), reports ABC 7 News. The program’s launch coincides with the resumption of federal student loan payments in October.

Following the Supreme Court’s rejection of President Joe Biden’s student debt forgiveness initiative in June, SAVE represents a notable shift in the federal student loan system.

By offering lower monthly loan payments for certain borrowers, the plan aims to reduce the overall amount they repay throughout the lifetime of their loans.

“Part of the president’s overall commitment is to improve the student loan system and reduce the burden of student loan debt on American families,” a senior administration official said, previewing the beta website first to CNN. “The SAVE plan is a big part of that. It is important in this moment as borrowers are getting ready to return to repayment.”

Federal student loan borrowers can now access the beta website at studentaid.gov/idr/. According to administration officials, enrolling on the site is expected to take about 10 minutes. The website conveniently auto-fills various sections with data already available to the government, such as tax returns from the IRS.

According to one official, “We will be able to show borrowers their exact monthly payment amount and give them the ability to choose the most affordable repayment plan for them.”

The new streamlined loan program eliminates the need for yearly reapplication, according to officials, making it incredibly user-friendly. Once applicants submit their form, they’ll promptly receive a confirmation email, and the entire approval process, trackable online, is projected to take just a few weeks.

For those already benefiting from the federal government’s REPAYE (Revised Pay As You Earn) income-driven repayment plan, there’s good news as well. They will be automatically migrated to this new plan without any additional hassle.

Those who participated in the beta period need not reapply; it served as a testing phase, ensuring real-time monitoring of site performance and quick identification and resolution of any potential issues.

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