President Biden’s administration is officially rolling out its SAVE plan on Tuesday, its latest attempt to grant student debt relief after Biden’s more wide-reaching plan failed before the Supreme Court.
Biden announced the plan alongside Education Secretary Miguel Cardona and other members of his administration on Tuesday. Under the SAVE plan, borrowers making roughly $15 an hour will not have to make any payments, while others earning above that amount will save at least $1,000 a year in comparison to other income-driven repayment plans.
White House domestic policy adviser Neera Tanden argues the plan is a “game changer for millions of Americans,” though a watchdog says the program will have a steep cost for taxpayers.
The Committee for a Responsible Federal Budget estimates the new repayment options will cost at least $276 billion.
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