While the Supreme Court struck down President Joe Biden’s student loan forgiveness program last month, a separate and significant change to the federal student loan system is moving ahead.
By the time payments resume in October after the yearslong pandemic pause, some borrowers will be able to enroll in a new income-driven repayment plan that could lower their monthly bills and reduce the amount they pay back over the lifetime of their loans. Once the plan, which Biden is calling SAVE , is fully phased in next year, some people will see their monthly bills cut in half and remaining debt canceled after making at least 10 years of payments.
Payments could be $0 Under the SAVE plan, monthly payments can be as small as $0. Other income-driven repayment plans already offer a $0 monthly payment for some borrowers. But the new SAVE plan lowers the qualifying threshold. A single borrower earning $32,800 or less or a borrower with a family of four earning $67,500 or less will see their payments set at $0 if enrolled in SAVE.
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