Biden-Harris Administration launches SAVE program for student loan borrowers
YUMA, Ariz. (KYMA, KECY) - The Biden-Harris Administration has launched the Saving on a Valuable Education (SAVE) Plan for student loan borrowers.
The plan is an income-driven repayment plan that calculates the payments based on the person's income and family size.
“It’s because we think that student loan payments shouldn’t come before the necessities, and above that it is an affordable share of income so we are very excited about this. It is the best way to repay a student loan for most people, especially people that have high debts and low income," said James Kvaal, U.S. Under Secretary of Education.
The U.S. Under Secretary of Education shared what makes the savings on a valuable education plan unique.
“One of the things that we saw in the other plans was if you attended college only for a semester or two or if you went to community college you still had to pay your student loans for 20 years and that didn’t seem fair. And so under this plan, we allow forgiveness as quickly as 10 years," said Kvaal.
According to Kvaall, in Arizona, there are already 87,000 people enrolled in the plan.
To learn how you can enroll visit StudentAid.gov/SAVE.
