As part of the response to the Supreme Court shutting down a forgiveness plan, the Biden Administration will debut a beta version of a website where holders of student loans can apply for more flexible income-based repayment plans, CNN reports.
Called the SAVE Plan, for Saving on A Valuable Education, allows borrowers to apply one-time to update the terms of their repayment plan. The goal of the site is to be able to access information from across agencies, including the IRS, to allow the borrower to see their exact payment and plan instantly. Officials say applications to the program can be completed in around ten minutes.
The SAVE Plan allows people earning under 225% of the federal poverty levels to waive payments until their household income, meaning families of four with a household income under $67,500 could bypass payments. Combined with Obama-era pay-as-you-earn programs, low income families could have loans forgiven after a decade.