{"id":2008006,"date":"2023-08-22T11:49:02","date_gmt":"2023-08-22T15:49:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-pushes-new-student-loan-repayment-plan-weeks-after-supreme-court-rejection\/"},"modified":"2023-08-22T11:51:35","modified_gmt":"2023-08-22T15:51:35","slug":"biden-pushes-new-student-loan-repayment-plan-weeks-after-supreme-court-rejection","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-pushes-new-student-loan-repayment-plan-weeks-after-supreme-court-rejection\/","title":{"rendered":"Biden introduces fresh student loan repayment plan post Supreme Court denial."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbiden-pushes-new-student-loan-repayment-plan-weeks-after-supreme-court-rejection%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2008006&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>The Biden Administration \u200dIntroduces Income-Driven Student Loan Repayment Plan<\/h2>\n<p>The\u2063 Biden administration has confirmed the \u2064rollout of an <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-pushes-new-student-loan-repayment-plan-weeks-after-supreme-court-rejection\/\" title=\"Biden introduces fresh student loan repayment plan post Supreme Court denial.\">income-driven \u200bstudent loan \u200brepayment plan<\/a> for\u2064 borrowers, just before loan\u2063 repayments are set to resume in the fall.<\/p>\n<p>President Joe Biden, alongside Education Secretary Miguel Cardona and other administration members, announced the \u200bSAVE plan. Under this program, borrowers earning around\u200c $15 per hour will be exempt from \u2063making any payments.\u200c Those earning above this threshold\u200d will\u2062 save approximately $1,000 annually compared to\u2064 other repayment\u200d plans, according to the Department of Education.<\/p>\n<blockquote>\n<p>&#8220;Borrowers applying for the SAVE plan will see their new\u200b payment amount \u2063before submitting their \u2062application,\u200c and it will\u200c be displayed on their servicer&#8217;s website when their first bill is\u200c sent. Most borrowers \u200cwho apply for the SAVE \u200dplan \u200din the coming \u2062days can expect to have their new monthly payment amount for their first payment in October,&#8221;<\/p>\n<\/blockquote>\n<p>The Department of\u200b Education stated that it will directly communicate with approximately\u2063 30 million student loan holders \u200cin the following days to encourage them to apply for the plan using the new \u2062application. The application process takes about 10 minutes to complete \u2062and allows borrowers \u2063to securely access their income \u200binformation from \u200dthe Internal Revenue Service, which will be automatically recertified every\u200b year.<\/p>\n<p>President\u200b Biden emphasized in a video released by the White House that as\u2062 long as borrowers pay what they owe under this plan, their loan balance\u2064 will no longer accumulate unpaid\u200c interest. Monthly payments under the SAVE Plan \u200care\u200c based on income rather than the loan \u2063balance.<\/p>\n<p>Interest on <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-has-signed-40-executive-orders-and-actions-since-taking-office\/\" title=\"Biden has signed 40 executive orders and actions since taking office\">federal student loans<\/a> will resume on\u2063 September 1, and the Education Department will begin collecting monthly payments from borrowers in October.<\/p>\n<h3>Opposition and Concerns<\/h3>\n<p>Opponents\u2062 of the plan argue that it unfairly benefits those who do not need it, placing a heavy \u200dburden\u2063 on \u200ctaxpayers who have already repaid their loans or did not attend college. Some worry that it may incentivize colleges to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/why-student-loan-relief-fixes-nothing-and-could-make-everything-worse\/\" title=\"Why Student Loan Relief Fixes Nothing\u2014and Could Make Everything Worse\">raise tuition prices<\/a>, knowing that many students will have their loans canceled in the future.<\/p>\n<p>Critics claim that the plan resembles a form \u2064of free college, despite President Biden&#8217;s failed campaign promise to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/jill-biden-tells-community-colleges-your-students-and-their-families-are-carrying-the-brunt-of-the-crisis\/\" title=\"Jill Biden Tells Community Colleges: \u2018Your Students And Their Families Are Carrying The Brunt Of The Crisis\u2019\">make community college free<\/a>. They argue\u2063 that the new plan is an attempt to achieve a similar outcome \u2064without congressional approval.<\/p>\n<p>Republicans\u200b have strongly opposed the plan,\u200b asserting that it exceeds the president&#8217;s authority. Sen.\u2063 Bill Cassidy (R-La.),\u200c the ranking Republican on the Health, Education, Labor, and Pensions Committee, described\u200d it as &#8220;deeply unfair&#8221; to the 87 percent of Americans \u200dwithout student \u200bloans.<\/p>\n<p>Meanwhile, a watchdog group has estimated that the program will cost\u2064 taxpayers at least $276 billion. The \u2062Committee for a Responsible \u2064Federal Budget&#8217;s report suggests that the new repayment options \u2063will lead to a 12 percent annual increase in borrowing due to higher tuition. It also highlights concerns about the \u2063program \u200dsupporting low-quality and low-value programs, as those with the highest debt-earnings ratios receive the largest subsidy.<\/p>\n<p>The introduction of \u200bthis income-driven \u200dstudent loan repayment plan has <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/blm-riots-dragged-democrats-down-in-2020-data-shows-but-peaceful-protests-helped-them\/\" title=\"BLM Riots Dragged Democrats Down In 2020, Data Shows \u2014 But Peaceful Protests Helped Them\">sparked intense debate<\/a> and \u2062raised questions about its long-term implications.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Biden administration will introduce an income-driven student loan repayment plan before fall, as confirmed on Tuesday. President Biden, along with Education Secretary Cardona, unveiled the SAVE plan, which aims to assist borrowers earning around $15.<\/p>\n","protected":false},"author":58,"featured_media":2008007,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[],"class_list":["post-2008006","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2008006","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/58"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2008006"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2008006\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2008007"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2008006"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2008006"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2008006"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}