Democratic Senators Jeff Merkley and Tim Kaine have introduced a bill to revive the SAVE student-loan repayment plan, initially launched by President Biden. This plan, which has the potential to provide financial relief to 8 million borrowers, has faced legal challenges since July due to lawsuits from Republican lawmakers. The proposed SOAR Plan aims to strengthen the SAVE plan by expanding eligibility for $0 monthly payments for borrowers earning under 250% of the poverty line. The urgency of this measure comes as GOP efforts to eliminate it continue in their upcoming budget bill.
As the first in my family to go to college, I know the barriers that too many students face in accessing higher education. Income-driven repayment programs are an essential tool to address America's student debt crisis.
The SAVE plan was intended to give 8 million enrolled borrowers cheaper monthly payments with a shorter timeline for debt relief, but it's been blocked in court since July following GOP-led lawsuits.
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