Biden Administration announces 4 million people enrolled in the SAVE Plan

SANTA MARIA, Calif. -- This week the U.S. Biden Administration announced four million people have enrolled in the student debt relief "SAVE" Plan.

The SAVE Plan stands for "Saving on A Valuable Education."

The enrollment application calculates the monthly payments according to your most recent annual tax income. 

The U.S. Department of Education says President Biden is focused on reducing the burden of student loan debt for working families. 

The Biden Administration says they are committed to making college more affordable for all.

The administration says they don't want student loans to be a roadblock to attain a college degree or credential.

They want to inform the millions of borrowers to help reduce their monthly student loan bill.

It is estimated that students may save over one thousand dollars per year under the new plan.

The SAVE plan ensures borrowers will not see their balance grow due to unpaid interest; as long as they keep their payments in current standing.

The Chief Officer of education, says the application is quick and easy to enroll and should take less than ten minutes.

You can find the link here for further information and how to apply.

https://studentaid.gov/announcements-events/save-plan