{"id":2022666,"date":"2023-09-05T19:38:02","date_gmt":"2023-09-05T23:38:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/over-4-million-borrowers-enroll-in-bidens-save-plan\/"},"modified":"2023-09-05T19:40:12","modified_gmt":"2023-09-05T23:40:12","slug":"over-4-million-borrowers-enroll-in-bidens-save-plan","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/over-4-million-borrowers-enroll-in-bidens-save-plan\/","title":{"rendered":"4M+ Borrowers Join Biden&#8217;s SAVE Plan"},"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\">12<\/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%2Fover-4-million-borrowers-enroll-in-bidens-save-plan%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=2022666&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\u200c U.S. Department of \u2062Education Enrolls Over 4 \u2062Million Borrowers in New Repayment Program<\/h2>\n<p>The\u200c U.S. Department of Education made an exciting announcement on Tuesday, revealing that \u2062over 4 million federal student loan borrowers have \u2063enrolled in the Biden administration&#8217;s\u200d new repayment program. This program, called the\u200d Saving on\u200b A Valuable Education \u2062(SAVE) income-driven repayment (IDR) plan, offers borrowers the opportunity to\u200c have zero monthly payments.<\/p>\n<p>With the \u2062pause on <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/over-4-million-borrowers-enroll-in-bidens-save-plan\/\" title=\"4M+ Borrowers Join Biden's SAVE Plan\">federal \u2062student loan repayment set<\/a> to\u2064 end in October and the Supreme Court overturning the White House&#8217;s one-time debt relief \u2063program, the Department of Education introduced\u2063 the SAVE plan in June as a solution. Since July 30, they have received more than 1.6 \u200bmillion IDR plan applications through StudentAid.gov,\u2062 with nearly 1 million \u200dof\u200d those applications specifically for the SAVE plan.<\/p>\n<blockquote>\n<h3>Related Stories<\/h3>\n<ul>\n<li>\n      <a href=\"http:\/\/www.theepochtimes.com\/us\/17-gop-senators-move-to-stop-bidens-latest-college-loan-bailout-5486434\">17 GOP Senators Move to Stop Biden&#8217;s Latest College \u200dLoan Bailout<\/a><\/p>\n<p class=\"text-comp-caption\">9\/5\/2023<\/p>\n<\/li>\n<li>\n      <a href=\"http:\/\/www.theepochtimes.com\/us\/biden-cancels-72-million-in-loans-for-2300-student-borrowers-5484112\">Biden Cancels \u200c$72 Million in Loans \u200cfor\u2062 2,300 Student Borrowers<\/a><\/p>\n<p class=\"text-comp-caption\">8\/31\/2023<\/p>\n<\/li>\n<\/ul>\n<\/blockquote>\n<p>The new IDR scheme calculates payments based \u200don a borrower&#8217;s earnings and family \u200bsize and \u2062forgives outstanding amounts after a certain number \u2063of years. Under the SAVE plan, borrowers are not required to make payments if their income falls\u2064 below 225 percent of the \u200cfederal poverty line, which is equivalent to \u2063$32,800 annually for an individual. This is a significant increase compared to the current plans, which set the cutoff\u2064 at 150 percent of the poverty line, or\u200b $22,000 a year for\u200c a single person.<\/p>\n<p>The Department of Education has reached out to approximately\u2064 30\u200c million borrowers \u200dabout the new program. The states with the highest enrollment of borrowers in the program are Texas, California, Florida, New York, and Pennsylvania.<\/p>\n<p>&#8220;Millions of \u2063borrowers are already benefitting from\u200d enrollment in the SAVE plan, and I&#8217;m thrilled to see\u2062 so many Americans submitting applications every day so that they, too, can take advantage \u200dof the most affordable student loan repayment plan \u200bin history,&#8221; said U.S. Secretary of Education Miguel Cardona in a statement.<\/p>\n<p>Secretary Cardona continued, &#8220;From Day One of\u200d this \u200dAdministration, President Biden has focused on reducing the burden of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/white-house-releases-list-of-president-trumps-accomplishments-and-it-is-historic\/\" title=\"White House Releases List of President Trump\u2019s Accomplishments \u2013  And It Is Historic!\">student loan debt<\/a> on working families, and we are not stopping now. Enrollment is quick \u2064and easy, and we are working relentlessly to get\u200c the word out to borrowers about how millions can reduce their monthly student loan \u2064bills and save over \u2063a \u2064thousand dollars\u200d a year by enrolling in SAVE.&#8221;<\/p>\n<p>The Biden administration&#8217;s priority is to support borrowers as they prepare to return to repayment with the tools \u2064and resources they need, according to Jason Miller,\u2064 deputy director\u200d for management at the Office of Management and Budget.<\/p>\n<p>The SAVE\u200d Plan\u200b provides substantial relief, especially for borrowers with lower\u200c incomes. Single borrowers earning less than $15 an hour while supporting a family are exempt from payments. Those\u200c earning more will save over $1,000\u200d annually\u2064 compared to other IDR plans.<\/p>\n<p>&#8220;We&#8217;re not just lowering payments for today&#8217;s borrowers, we&#8217;re helping entire families and communities, and we&#8217;re making paying for college \u2063more affordable for millions of future students,&#8221; said James Kvaal, the undersecretary of education.<\/p>\n<p>Unpaid interest will not increase on the SAVE Plan as long \u2063as individuals meet their payment obligations. Additionally, the SAVE Plan is open to people who have defaulted on\u2063 student loans, regardless of when the \u200cdefault occurred. These individuals can access a one-time opportunity through the Fresh Start program, specifically designed for those who\u2063 have defaulted on <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/heres-what-each-of-bidens-42-executive-orders-will-actually-do\/\" title=\"Here\u2019s What Each Of Biden\u2019s 42 Executive Orders Will Actually Do\">federal student loan payments<\/a>.<\/p>\n<p>The Biden administration has approved over $117 billion \u200bin targeted relief\u200c for 3.4\u200c million student loan borrowers. This\u2062 includes \u2064funds for fixing\u200b historical inaccuracies \u200bin IDR payments, enhancing Public Service Loan Forgiveness, supporting disabled \u200dborrowers, and aiding those affected by school-related\u200c issues.<\/p>\n<p>Although the temporary pause of federal student \u200cloan \u200cpayments \u2062is scheduled to end soon, the Department of Education&#8217;s new \u200dSAVE \u2062plan offers hope and relief to\u2063 millions of borrowers across the country.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>announced that over 4 million federal student loan borrowers have enrolled in the Biden administration&#8217;s repayment program. With the end of the loan repayment pause in October and the Supreme Court&#8217;s rejection of the debt relief program, the Department of Education is taking action.<\/p>\n","protected":false},"author":618,"featured_media":2022667,"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-2022666","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\/2022666","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\/618"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2022666"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2022666\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2022667"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2022666"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2022666"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2022666"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}