Biden announced a new income-based repayment plan for federal loans, dubbed the "Saving on a Valuable Education," or SAVE, plan. It's going to take longer, but in my view it's the best path that remains to providing as many borrowers as possible with debt relief."Īdditionally, Mr. We will ground this new approach in a different law than my original plan, the so-called Higher Education Act," Mr. "I'm announcing today a new path consistent with today's ruling to provide student debt relief to as many borrowers as possible as quickly as possible. 1 and lasting for a year, the Department of Education won't refer borrowers who miss payments to credit agencies or consider them delinquent, the White House said. The president announced he's directed Education Secretary Miguel Cardona to start a process under a law known as the Higher Education Act to forgive loans "compromise, waive or release loans under certain circumstances." The administration is also rolling out a 12-month "on-ramp repayment program" when student loan payments resume in the fall after being paused during the pandemic. Michael Reynolds/EPA/Bloomberg via Getty Images We'll use every tool at our disposal to get you the student debt relief you need to reach your dreams." President Biden speaks alongside Education Secretary Miguel Cardona in the Roosevelt Room of the White House on Friday, June 30, 2023. ![]() I'm never going to stop fighting for you. "Today's decision has closed one path," Mr. ![]() Speaking from the White House Friday afternoon, the president told borrowers he isn't backing down.
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