Nearly 300K Georgians sign up for student loan repayment plan
ATLANTA, Ga. (Atlanta News First) - More than 5 million student loan borrowers have enrolled in the Biden administration’s SAVE plan, according to a new report published by the U.S. Department of Education.
About 296,500 Georgia residents are signed up for SAVE.
The program helps single borrowers earning less than $32,800 per year or families of four making less than $67,000 by reducing their repayment to as little as $0 while protecting them from growing interest — as long as they make their monthly payment on time. On Monday, the White House said an estimated 5.5 million borrowers across all congressional districts are signed up.
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“The SAVE Plan will significantly cut monthly bills for most borrowers, reduce loan default, and ensure that student loans don’t need to come before life necessities,” said Department of Education Under Secretary James Kvaal. “With nearly 5.5 million people enrolled after only two months, it’s clear how much borrowers need a plan like SAVE. President Biden and our Administration remain committed to giving borrowers breathing room on their monthly payments and ensuring student loans aren’t a barrier to opportunity.”
Data shows that about 75 percent of SAVE borrowers are also Pell Grant recipients. The grant is awarded to undergraduate students who “display exceptional financial need.”
The Biden administration said it is currently in the process of proposing revisions to repayment regulations that would widen the pool of borrowers eligible for student loan forgiveness.
“Under President Biden, the Department created the SAVE Plan so that young people and working families can climb the economic ladder without unaffordable student loan debt weighing them down,” said U.S. Secretary of Education Miguel Cardona.
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