Biden administration rolls out new student loan forgiveness plan with income-based repayment and accelerated forgiveness timeline

The Department of Education launched a beta website for the new SAVE student loan repayment plan.
The SAVE plan bases monthly payments on a lower percentage of discretionary income compared to previous plans.
Borrowers earning under $15/hour may not need to make payments under the new plan.
Applications submitted now will be processed before student loan repayments resume in October.
The plan also accelerates loan forgiveness timelines, especially for borrowers with smaller balances.