The new Saving on a Valuable Education (SAVE) repayment plan officially launched on Tuesday.
Beginning on Tuesday, student loan borrowers can begin enrolling in Biden's Saving on a Valuable Education repayment plan, which the administration is billing as"the most affordable student loan plan ever."
The launch of the SAVE plan comes just weeks before millions of Americans are set to receive a loan bill for the first time in more than three years. Since the beginning of the pandemic, student loan payments have been on pause, but the moratorium is set to expire at the end of August. Interest will also start accruing again in September. The first due date will come in October.
"That's going to save the typical borrower around $1,000 a year. It's going to give borrowers a little bit more breathing room," Biden said in a video released by the White House on Tuesday. Borrowers who participated in the previous iteration of the SAVE plan, the Revised Pay As You Earn plan, will automatically be enrolled in the new one.
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