What Biden’s SAVE Plan Means for Student Loan Borrowers

Student loan borrowers could save thousands of dollars over the life of their loans due to changes to income driven repayment (IDR) plans set to go into effect this fall. The changes are possible despite a blow dealt to debt forgiveness by the Supreme Court late last month. The Biden administration introduced the Saving on Valuable Education (SAVE) plan to transform the old IDR system into what the Department of Education called “the most generous” student repayment option ever given to borrowers.