College graduationGetty ImagesSome student-loan borrowers enrolled in the SAVE plan will get lower payments in July.In the meantime, some of them are being placed on forbearance as the Education Department calculates new payments.Payments will be paused and interest will not accrue for impacted borrowers during this period.Some student-loan borrowers are set to get cheaper bills next month — but the Education Department is still working on those new calculations.Last summer, President Joe Biden's Education Department launched the SAVE plan — a new student-loan repayment plan intended to make payments more affordable for borrowers with a shorter timeline to loan forgiveness than prior income-driven repayment plans.The department already started rolling out some of SAVE's provisions ahead of schedule, including loan forgiveness for borrowers with original balances of $12,000 or less who made as few as 10 years of qualifying payments.
Some Student-loan Borrowers Will Soon Get Cheaper Monthly Payments Through Biden's New Repayment Plan — But Their Accounts
asheffey@businessinsider.com (Ayelet Sheffey), Business Insider
Thu, 06/13/2024 - 9:54am
Topics: imagessome president joe biden's education department the new york times vanessa harmoush idr public service loan forgiveness pslf mohela federal student aid supreme court september save july education department business insider public service loan forgiveness pslf cheaper payments accounts student-loan borrowers repayment plan forbearance provisions working interest ensure required spokesperson accrue impacted bills implementing set summer original servicers income-driven receive expected
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