A new website was introduced by the Biden administration that was exclusively focused on income-driven student loan repayment plan.
What to Expect from the New Student Loan Repayment Plan
On July 31, the Biden administration launched a new website for the student loan repayment plan. According to the Education Department, applicants enrolling in the plan this summer will have their applications processed before October when the plan resumes. Kantrowitz states that recipients do not need to re-enroll.
The plan has the potential to lower monthly loan payments for certain borrowers and decrease their overall repayment burden in the long run. The program was called SAVE or Saving on a Valuable Education Plan. The website is finally allowing applications from students. The opportunity to sign up for the program (SAVE)is now given to the people first time. Recently, the U.S. Education Department revealed that over 800,000 borrowers will have their student debt forgiven.
What information is needed to Sign Up?
Applying for SAVE is possible directly through the Education Department website. As per the administration, the majority of borrowers complete the income-driven repayment plan application in approximately 10 minutes.
Generally, you will be required to furnish your federal student aid ID, along with contact and financial details.