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Kiplinger
Kiplinger
Business
Brian O'Connell

Biden Administration Launches New Student Loan Repayment Plan

SAVE DOE Joe Biden REPAYE
College students gather around a fellow student who's holding a piggy bank.

The Biden administration has launched a beta version of a student loan repayment plan for any college student who took out a federal student loan.

The new plan, Savings on a Valuable Education (SAVE), replaces the administration’s Revised Pay As You Earn (REPAYE) program. REPAYE participants will automatically qualify for SAVE, the Department of Education (DOE) said.

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