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Update: The Supreme Court has struck down Biden's student-loan forgiveness program. Student loan payments will resume in the Fall of 2023.
Congress recently passed a law preventing further extensions of the payment pause. Student loan interest will resume starting on Sept. 1, 2023, and payments will be due starting in October.
Those who may struggle to pay their student loan payments can look into the new income-driven repayment plan, called the SAVE Plan. The SAVE plan will reduce monthly payments by increasing the income exemption from 150% to 225% of the poverty line. This means a single person earning less than $32,805 a year will have monthly payments of $0. The same would happen to families of four that make less than $67,500.
Unfortunately, this solution is not the simple solution that the White House suggests.
Go to Federal Student Aid for more information about the SAVE Plan. There are also details about this new plan on The White House's website.
OFFICIAL GOVERNMENT WEBSITES
For more information on your personal student loan forgiveness status,
make an account with the website above and log in.
Then if you want to learn more about the SAVE plan, you can go here.
Prepare For Student Loan Payments to Restart (Federal Student Aid)
New Student Loan Repayment Plan Benefits Borrowers Beyond Lower Monthly Payments (The White House, 8-22-23)
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