Biden-Harris Administration Announces More Than 4 Million Student Loan Borrowers Are Enrolled in the New SAVE Plan
September 5, 2023
Biden-Harris Administration Announces More Than 4 Million Student Loan Borrowers Are Enrolled in the New SAVE Plan
The U.S. Department of Education today announced more than 4 million student loan borrowers are enrolled in the Biden-Harris Administration’s new Saving on A Valuable Education (SAVE) income-driven repayment (IDR) plan, including those who were transitioned from the previous Revised-Pay-As-You-Earn (REPAYE) plan. Additionally, the Department has received more than 1.6 million IDR applications through StudentAid.gov since July 30, and nearly one million of those applications are for the SAVE plan, the most affordable IDR plan ever.
“Millions of borrowers are already benefitting from enrollment in the SAVE plan, and I’m thrilled to see so many Americans submitting applications every day so that they, too, can take advantage of the most affordable student loan repayment plan in history,” said U.S. Secretary of Education Miguel Cardona. “From Day One of this Administration, President Biden has focused on reducing the burden of student loan debt on working families, and we are not stopping now. Enrollment is quick and easy, and we are working relentlessly to get the word out to borrowers about how millions can reduce their monthly student loan bills and save over a thousand dollars a year by enrolling in SAVE.”
