The Biden-Harris Administration has launched the Saving on A Valuable Education (SAVE) plan, a plan revamp income-driven repayment for student loans.

This plan, unveiled on StudentAid.gov, aims to make higher education more accessible by significantly reducing student loan burdens. Under the SAVE plan, borrowers earning less than $15 per hour would be exempt from payments, while those earning more would see payments decrease by over $1,000 annually compared to other repayment plans. Unpaid interest accumulation would also be curbed. Alongside this plan, a nationwide outreach campaign, “SAVE on Student Debt,” is being initiated in collaboration with grassroots organizations to help borrowers fully utilize the SAVE plan and Department resources.

The administration suffered a setback when the Supreme Court ruled against Biden’s initial student loan forgiveness plan. This plan is part of the Administration’s broader efforts to address the student debt crisis and promote equitable access to education.