Biden's new student debt repayment plan has 4 million signups. Here's how to enroll in SAVE.
CBSN
The Biden administration's new student loan repayment plan has enrolled 4 million people in the two weeks since it launched in late July, Education Department officials said on Tuesday.
The new plan, called the Saving on a Valuable Education (SAVE) plan, could lower monthly repayments for about 20 million borrowers. The SAVE plan debuted with a beta rollout and was ready for all applicants in mid-August.
The SAVE plan is an income-driven repayment program, or IDR, which pegs a borrower's monthly payment to their income, lowering their out-of-pocket costs. The Biden administration developed SAVE in response to criticisms about existing plans that had major pitfalls, such as allowing interest to snowball on a borrower's debt.
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