Biden Administration Opens Application for New Federal Student Loan Repayment Plan
Published August 07, 2023
By AACOM Government Relations
Advocacy Federal Policy Financial Aid OME Advocate
- After the Supreme Court struck down the Biden Administration’s student debt forgiveness plan on June 30, 2023, the U.S. Department of Education (ED) unveiled a new student debt forgiveness initiative.
- ED launched a beta application for this new income-driven repayment (IDR) plan, known as the Saving on a Valuable Education (SAVE) plan.
- Those already enrolled in the Revised Pay As You Earn IDR will be automatically switched to SAVE ahead of student loan payments resuming in October.