Under the SAVE plan, the typical student loan borrower would save about $1,000 a month, the president said.
proposal for mass student loan cancellation. But now, after the Supreme Court struck down Biden’s forgiveness plan, the repayment option is taking center stage.
Emboldened by the Supreme Court's decision on cancellation, some opponents say it’s a matter of time before the repayment plan also faces a legal challenge.The U.S. Education Department offers several plans for repaying federal student loans. Under the standard plan, borrowers are charged a fixed monthly amount that ensures all their debt will be repaid after 10 years.
President Joe Biden greets guests after disembarking from Marine One, returning to the White House from Rehoboth, Delaware, on the South Lawn of the White House on Wednesday, Aug. 24, 2022 in Washington, DC.
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