President Joe Biden on Tuesday launched a promotional blitz for his new program that helps student loan borrowers repay their debt, just weeks before millions of Americans are set to receive a loan bill for the first time since the beginning of the pandemic.
The Biden administration is mobilizing to convince borrowers across the country to sign up for the new income-driven repayment program — dubbed the “SAVE plan” — which caps interest accrual and lowers the monthly payment amount for many borrowers.
“It’s the most affordable student loan plan ever,” Biden said in a video released by the White House on Tuesday, describing the program as a major reform to a student loan system “that hurt borrowers for much too long.”
“If you’re eligible for the SAVE Plan, sign up now so you can lower your monthly payments in advance of payments resuming this fall,” Biden said.
Not sure how you decided this seeing as this benefits people at the poverty line and not the wealthy. Sure, anything can encourage schools to push up tuition prices, but there’s literally a bill in play right now to cap tuition prices. It’s not loan forgiveness, but it’s far better than nothing. Also, the financial impact is a pittance. It’s not the 50k per borrower floated in 2020. It’s not even the 10k the scotus shot down.