President Biden officials announce beta website for income-driven student loan payment plan: report

President Joe Biden administration officials announced Sunday the launch of a beta website for student loan borrowers to apply for the president's new student loan repayment plan, CNN reports.

The announcement comes after Biden pivoted earlier this month to a new income-driven student loan forgiveness program — Saving on a Valuable Education (SAVE) — after the Supreme Court of the United States (SCOTUS) rejected his original plan that would have canceled up to $20,000 in student loans for borrowers.

First reported by CNN, the news outlet notes:

The SAVE plan, which applies to current and future federal student loan borrowers, will determine payments based on income and family size, and some monthly payments will be as small as $0. The income threshold to qualify for $0 payments has been increased from 150% to 225% of federal poverty guidelines, which translates to an annual income of $32,805 for a single borrower or $67,500 for a family of four. The Education Department estimates this means more than 1 million additional borrowers will qualify for $0 payments under the plan.

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"Part of the presidents overall commitment is to improve the student loan system and reduce the burden of student loan debt on American families," a top Biden official told CNN. "The SAVE plan is a big part of that. It is important in this moment as borrowers are getting ready to return to repayment."

Another official said, "We will be able to show borrowers their exact monthly payment amount and give them the ability to choose the most affordable repayment plan for them."

According to the report, borrowers "already enrolled in the federal government's REPAYE, or Revised Pay As You Earn, income-driven repayment plan will be automatically switched to the new plan."

CNN reports the administration noted the steps for enrollment, which can be found at https://studentaid.gov/idr/, is estimated to take 10 minutes, and many sections can be automatically populated with information the government has on hand, including tax returns from the IRS."

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CNN's full report is available at this link.