WALLETS HURTING

Biden Administration Launches New Student Loan Payment Plan

The new “Saving on a Valuable Education” plan raises the qualification for $0 payments from 150 percent of the federal poverty guidelines to 225 percent, among other new features.

The Biden Administration launched its new income-driven repayment plan for student loans, hoping to kickstart its efforts to cancel student loan debt for borrowers. The new “Saving on a Valuable Education” plan raises the qualification for $0 payments from 150 percent of the federal poverty guidelines to 225 percent, among other new features. The Department of Education site is currently in beta and was down as of Sunday afternoon, but it is set to fully launch in August after the department monitors some site performance, according to CNN. It came a month after the Supreme Court struck down the Biden administration’s plan for student debt forgiveness.