Hunter
11/10/23

The White House is reporting that over 54,000 Iowans have enrolled in the Biden Administration’s new income-based student loan repayment program.

According to the Gazette, the Saving on a Valuable Education, or SAVE Plan, was announced by Biden after the U.S. Supreme Court struck down his administration’s efforts to forgive up to $20,000 in student loan debt for low- and medium-income borrowers.

The US Department of Education says the plan lowers payments for borrowers and helps to make a college education more affordable.  Repayment is based on income and family size.

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Starting this coming July, payments will be capped  at 5 %  of a borrower’s income if they’re below 225 percent of the federal poverty line. A person making less than $32,800 would not be responsible for a payment; a single person making $40,000 yearly would only be responsible for a $60 monthly payment.

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According to the Education Data Initiative, about 433,000 Iowans have student loans, averaging about  $30,800. Of those who have already enrolled in the SAVE program, 13,400 are from the first congressional district, which includes Johnson, Jones, Cedar and Iowa counties.


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