Biden administration launches new income-driven student debt repayment plan

The Biden administration launched a beta website for its new income-driven student loan repayment plan, officials told CNN, allowing borrowers to begin submitting applications for the program as federal student loan payments are set to resume in October. The SAVE, or Saving on a Valuable Education, plan was finalized after the Supreme Court struck down President Joe Biden’s student debt forgiveness initiative in June. It marks a significant change to the federal student loan system that could lower monthly loan payments for some borrowers and reduce the amount they pay back over the lifetime of their loans.