The Trump Administration is ending a Biden-era effort to provide some relief for low-income student loan borrowers.
NewsChannel5 reports:
The U.S. Department of Education on Tuesday announced a proposed agreement with Missouri that would shutter a Biden-era student loan repayment program and require millions of loan holders to immediately begin repaying their student debt.
The proposal would end the Saving on a Valuable Education, or SAVE, plan, which the Biden administration launched in 2023.
Nearly eight million student loan borrowers on SAVE plans began accruing interest on their debt again in August after the Education Department restarted the charges.
The Student Borrower Protection Center said it projects that the typical borrower will be forced to pay more than $3,500 per year or $300 per month in interest charges.
