Senate Democrats are trying to codify President Joe Biden’s latest federal student loan forgiveness plan and protect it from being overturned under future administrations.
President Biden’s program, dubbed SAVE, has enrolled over 7.7 million people since it launched in August. Like the existing income-driven repayment (IDR) option it replaces, SAVE can provide an affordable monthly payment based on income and family size before the eventual discharge of the remaining balance.
The enrollees include 4.5 million borrowers whose monthly bill was lowered to zero dollars, in addition to about 150,000 borrowers who have had their entire debt wiped out.
Ahead of the 2024 elections, Democrats are mounting an effort to shield SAVE from a potential rollback by future administrations….
