Alistair Berg | Digitalvision | Getty ImagesThe Biden administration's new affordable repayment plan, known as SAVE, may be on hold for months —or longer — amid a slew of legal challenges.
The White House says roughly 8 million people are enrolled in SAVE, or the Saving on a Valuable Education plan.
Why the SAVE plan is on holdThe SAVE plan has been a magnet for controversy ever since the Biden administration rolled out the program in the summer of 2023, describing it as "the most affordable student loan plan ever."
Indeed, the terms of the new income-driven repayment plan are the most generous to date.
However, borrowers pursuing student loan forgiveness should still explore their options, said Elaine Rubin, director of corporate communications at Edvisors, which helps students navigate college costs and borrowing.
Persons:
Alistair Berg, Digitalvision, Biden, they're, Elaine Rubin
Organizations:
SAVE, Republican, U.S . Department of Education, Education Department
Locations:
Edvisors