Released: July 19, 2023

The solution to Biden’s student loan problems

Source: John Brooks, Brian Galle & Adam Levitin, Washington Post Opinion

The Biden administration developed SAVE, which begins to roll out this summer, to replace another repayment program. Like some of the other plans, SAVE will calculate student loan payments based on a person’s income and family size but on more generous terms.

Undergraduate loan borrowers would pay only 5 percent of their incomes above the exemption threshold, down from 10 percent under prior programs. This new rate combined with the increased exemption amount means that many borrowers could see payments cut by more than half.

 

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