Gillibrand seeks to make student loan relief permanent
U.S. Sen. Kirsten Gillibrand is proposing legislation that would make President Joe Biden’s student loan repayment program permanent.
Gillibrand’s bill would protect the “Saving on A Valuable Education” plan from being rolled back under future administrations.
The plan allows borrowers to reduce the undergraduate loans payments from 10% to 5% of their discretionary income. Also, people that earn under 225% of the federal poverty lines would have their payments lowered to $0, according to a statement from Gillibrand describing the program.
The plan has saved 7.7 million borrowers enrolled, and New Yorkers have saved more than $63 million since it was implemented in August 2023.
“The SAVE Plan is the most affordable student loan repayment plan in history and a lifeline for millions of borrowers – allowing them to live without the burden of exorbitant monthly payments hanging over their heads,” Gillibrand said in a statement.