Applications are now open for a new student loan repayment program which will cost taxpayers billions and turn most federal loans into glorified grants.
The SAVE plan is a revamped income-driven repayment (IDR) plan, introduced last year along with President Joe Biden's original student loan forgiveness scheme—though that proposal was struck down at the Supreme Court in June. While the SAVE plan received less attention than Biden's now-defeated student-loan forgiveness proposal, it stands to do nearly as much long-term damage to taxpayers—and prospective student loan borrowers themselves.
