Republican Lawmakers Announce Bill to Overturn Biden's New SAVE Repayment Plan. Here's What Borrowers Need to Know.
After the Supreme Court blocked President Biden's initial plan of forgiving up to $20,000 in student loan debt per borrower, the administration rolled out several other initiatives aimed at helping federal student loan borrowers. The most significant of these is a new income-driven repayment plan known as the Savings on a Valuable Education or SAVE plan.
While the SAVE plan has officially launched on the Department of Education's website, that doesn't mean it's without challenges, and a big one was just revealed.
Just this past week, a group of Republican senators introduced a bill that would block the SAVE plan from being used to lower borrowers' monthly payments and create an easier path to loan forgiveness for some borrowers. Here's what we know so far, and what to watch.
Source Fool.com
