Borrowers in the SAVE Plan Will Be Placed in Forbearance While ED Fights the Court of Appeals’ Ruling
In a statement released today by the U.S. Secretary of Education Miguel Cardona, “Borrowers enrolled in the SAVE Plan will be placed in an interest-free forbearance” while the Biden Administration defends the SAVE Plan in court. SAVE, or Saving on a...
SAVE Plan Legal Challenges Continue
Student loan borrowers are confused over the SAVE plan, the new income-driven repayment (IDR) option scheduled to be fully rolled out earlier this month. The Saving on a Valuable Education (SAVE) Plan was a keystone in the Biden administration’s promise to...
SAVE Plan Partially Blocked by Federal Court
Two federal judges have temporarily blocked parts of the SAVE student loan income-driven repayment plan. The SAVE Plan, (Saving on a Valuable Education) replaced REPAYE and was planned to be fully rolled out in July. Borrowers on SAVE can lower their monthly payments...
Federal Student Loan Interest Rates Rising
Federal Student Aid announced that Direct Loan Interest Rates for student loans disbursed for the 2024-2025 school year will increase from last year. Interest rates are determined annually and set for a 12-month period. Rates are determined by a formula tied to yields...