WASHINGTON — Following the Supreme Court’s summer ruling against 40 million federal student loan borrowers who would have qualified for debt relief, the Biden administration crafted a year-long delay in repayments.
The policy, known as an on-ramp, is set to begin next month.
Additionally, hours after the Supreme Court’s decision, the Department of Education unveiled a new repayment plan for those with federal student loans, known as Saving on a Valuable Education, or SAVE. The new income-driven repayment plan calculates payments based on a borrower’s income and family size and forgives balance...
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