Millions of student loan borrowers will resume payments after more than a year of uncertainty, as the Education Department said Tuesday it will end the Biden administration-era SAVE repayment plan under a court settlement sought by Republican-led states.
The department said the agreement, which still requires judicial approval, would dismantle the Saving on Valuable Education Plan and shift more than 7 million borrowers into other income-driven repayment options.
The decision ends one of the most generous federal repayment structures ever enacted, a plan that had allowed some borrowers to pay as little as $0 per month and qualify for forgiveness in as few as 10 years.
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