August 22, 2023 8:44am EDT
Biden bails out more student loan borrowers after Supreme Court rejection
Biden's new student loan plan is expected to cost taxpayers $276 billion
By Anders Hagstrom FOXBusiness
President Biden's administration is officially rolling out its SAVE plan on Tuesday, its latest attempt to grant student debt relief after Biden's more wide-reaching plan failed before the Supreme Court.
Biden announced the plan alongside Education Secretary Miguel Cardona and other members of his administration on Tuesday. Under the SAVE plan, borrowers making roughly $15 an hour will not have to make any payments, while others earning above that amount will save at least $1,000 a year in comparison to other income-driven repayment plans.
"As long as you pay what you owe under this plan, you'll no longer see your loan balance grow because of unpaid interest. Under the SAVE Plan, monthly payments are based on your income, not your student loan balance," Biden said in remarks recorded on video and released by the White House.
"The SAVE plan is another huge step forward in President Biden’s tireless efforts to fix the broken student loan system, reduce the burden of student debt on working families, and put borrowers first," Cardona said in a statement.
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https://www.foxbusiness.com/politics/biden-bails-more-student-loan-borrowers-supreme-court-rejection
