Borrowers enrolled in the SAVE Plan will be placed in an interest-free forbearance while our administration continues to vigorously defend the SAVE Plan in court, Education Secretary Miguel Cardona said in a statement.
Like other existing student loan repayment plans, SAVE ties a borrower's monthly payments to their income and family size. But SAVE is the most generous plan for low-income borrowers, offering lower payments and a faster path to student loan forgiveness.
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