The income-based program is intended to streamline loan repayment and mitigate the burden of student debt.
The U.S. Department of Education launched a beta test of an application that supports the Saving on a Valuable Education (SAVE) Plan, an income-based education loan payment plan. Borrowers can apply for this plan, but the application’s complete version is yet to be fully launched. The Department of Education is assessing the site’s performance and will release the platform in the coming weeks.
“When fully live, millions of borrowers will be able to complete the new application in ten minutes or less and will never have to reapply,” an Education Department spokesperson stated. “The new IDR [income-driven repayment] auto-recertification feature will prevent borrowers from the risk of missing their annual IDR recertification date, which has caused millions of borrowers each year to delay their time toward forgiveness and incur additional interest charges.”
The SAVE Plan was finalized in June after the Supreme Court rejected the administration’s previous debt forgiveness proposal.
As the Lord Leads, Pray with Us…
- For Education Secretary Miguel Cardona as he works with the Office of Federal Student Aid on debt relief.
- For Chief Operating Officer Richard Cordray to seek God’s guidance as he heads the Office of Federal Student Aid.
- For student borrowers who are burdened with education loans.
Sources: Fed Scoop, CNN, CBS News
