What to know about Biden's new student loan plan

People rally to show support for the Biden administration's student debt relief plan in front of the the Supreme Court of the United States
(Image credit: Kent Nishimura / Los Angeles Times via Getty Images)

Amid President Biden's ongoing battle to secure student loan forgiveness, his administration has unveiled another way to help student loan borrowers: the Saving on a Valuable Education (SAVE) plan. As a new repayment plan, SAVE may allow borrowers to significantly cut their monthly student loan payments, sometimes to as little as $0 per month.

While SAVE won't take full effect until next year, the beta application period is now open. Here's what you need to know.

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Becca Stanek, The Week US

Becca Stanek has worked as an editor and writer in the personal finance space since 2017. She previously served as a deputy editor and later a managing editor overseeing investing and savings content at LendingTree and as an editor at the financial startup SmartAsset, where she focused on retirement- and financial-adviser-related content. Before that, Becca was a staff writer at The Week, primarily contributing to Speed Reads.