Fact Sheet: What to Know About Student Loan SAVE Plan

"The U.S. Department of Education’s Federal Student Aid website has launched the beta version of its updated income-driven repayment (IDR) application for student loan payments. The updated application allows borrowers to enroll in the new Saving on a Valuable Education (SAVE) plan, which the Biden administration is billing as the 'most affordable repayment plan yet,'" CBS San Diego reports.

... "The Biden administration first began working on the SAVE plan through a rulemaking process in the fall and winter of 2021, the National Association of Student Financial Aid Administrators (NASFAA) says. The administration later announced the program in conjunction with Biden’s widespread one-time student debt forgiveness plan. The Supreme Court has since struck down the debt forgiveness plan, but SAVE has not faced the same legal challenges."

NASFAA's "Notable Headlines" section highlights media coverage of financial aid to help members stay up to date with the latest news. Articles included under the notable headlines section are not written by NASFAA, but rather by external sources. Inclusion in Today's News does not imply endorsement of the material or guarantee the accuracy of information presented.


Publication Date: 8/2/2023

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