Enrollment in Biden's SAVE Student Loan Repayment Plan Soars, Over 2.9 Million Borrowers Paying $0 Monthly

Soaring enrollments in Biden's SAVE student loan repayment plan offer hoped-for relief to many, yet GOP and some Democrats aim to block its continuation.

Nearly 5.5 million people have enrolled in the Biden administration’s Saving on a Valuable Education (SAVE) plan since its launch this summer, with enrollment increasing by 60%.
The SAVE plan sets monthly payments based on income, with 2.9 million borrowers currently required to pay $0 per month, and many borrowers paying $102 less on average per month than under the previous REPAYE plan.
SAVE plan offers financial relief especially for lower-income borrowers, and it also prevents interest buildup for those paying $0. Those with higher incomes may have higher payments.
Even when payments are set at $0, these still count towards a borrower’s student loan forgiveness term under SAVE, which stands at either 20 or 25 years, depending on whether the loans were for undergraduate or graduate studies.
Despite the relief provided by the plan, GOP lawmakers and Democrat Senator Joe Manchin are seeking to block SAVE's continuation, introducing bills to overturn the plan. President Biden is expected to veto any such legislation.