On Monday, June 24, 2024, two federal judges issued temporary injunctions against Biden’s SAVE Plan, which has been responsible for assisting millions of Americans with their student loan debt. More than 8 million borrowers have been aided by the SAVE Plan, according to the Department of Education. This comes at a rough time for the Biden administration, preceding the current president’s less-than-stellar performance during the June 27, 2024 presidential debate.
What exactly does the SAVE Plan do? According to the StudentAid.gov website, the main benefits are as follows: lowering payments through increased income exemption, eliminating 100% of remaining monthly interest for both subsidized and unsubsidized loans after you make a full scheduled payment, and excluding spousal income for borrowers who are married and file taxes separately. Student loan forgiveness has been a very sensitive topic during the previous few administrations, and President Biden’s Save Plan is no exception to this.
Sources:
Is Biden’s save plan still happening? what to know about student loan repayment. - The Washington Post. https://www.washingtonpost.com/nation/2024/06/25/save-plan-biden-student-loan-repayment-explained/
CBS Interactive. Two courts just blocked parts of Biden’s save student loan repayment plan. here’s what to know. CBS News. https://www.cbsnews.com/news/student-loan-forgiveness-save-kansas-missouri-court-rulings-cbs-explains/
6 Things You Should Know About the SAVE Plan. 6 Things You Should Know About the SAVE Plan – Federal Student Aid. https://studentaid.gov/articles/6-things-to-know-about-save/
Bernard, T. S. (2024, June 28). Student loan payments paused for 3 million in Save Program. The New York Times. https://www.nytimes.com/2024/06/28/business/student-loans-payments-save-biden.html
Biden-Harris Administration announces additional $7.7 billion in approved student debt relief for 160,000 borrowers. Biden-Harris Administration Announces Additional $7.7 Billion in Approved Student Debt Relief for 160,000 Borrowers | U.S. Department of Education. (2024, May 21). https://www.ed.gov/news/press-releases/biden-harris-administration-announces-additional-77-billion-approved-student-debt-relief-160000-borrowers
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