Explainer: Biden’s SAVE Plan for Student Loan Forgiveness

Biden's SAVE plan, introduced in August 2023, offers potential relief to millions of student loan borrowers, reducing some monthly payments to $0 and preventing interest from accumulating. The plan aims to benefit low- and middle-income earners, community college students, and public service workers, with early forgiveness for those with low balances. However, opponents argue it could cost taxpayers up to $559 billion and incentivize colleges to raise tuition costs, prompting some House Republicans to seek its overturning through a Congressional Review Act (CRA) resolution.