If Biden's New Student Loan Plan Goes Through, Will You Qualify for Forgiveness?
Although the Supreme Court has ruled that President Biden's plan to forgive as much as $20,000 in student loan debt per borrower cannot proceed, the administration has already proceeded with a few other student loan relief measures. While there are already legal challenges to the new plan, there's a good chance that the relief efforts will be implemented -- so here's what borrowers need to know about them, and how they could result in eventual loan forgiveness for you.
The Biden administration finalized details about its new income-driven repayment plan, which it calls the SAVE (Saving on a Valuable Education) plan. There are a few key provisions of the SAVE plan you should know about:
To be perfectly clear, the SAVE plan isn't the part of the president's plan that is being legally challenged right now. In fact, the rough details of the new repayment plan were outlined in the same press release that revealed the original student loan forgiveness plan.
Source Fool.com
