President Biden’s Ambitious New Plan To Help Student Debt, Explained

After the Biden Administration's student loan forgiveness plan was struck down by the Supreme Court, the president promised to continue fighting for student loan borrowers. This summer the White House launched the SAVE plan, an income-driven repayment plan meant to replace the REPAYE plan.

The SAVE plan caps the amount low-income borrowers are required to pay on their student loans at just 5% of their discretionary income. It also allows some borrowers to pay as little as $0 per month towards their student loans.

Watch the video above for a breakdown of President Biden's SAVE plan, ahead of student loan payments resuming.

Producer and Editor: Devan Burris
Graphics: Jason Reginato
Supervising Producer: Jeff Morganteen
Production Support: Jordan Smith

» Subscribe to CNBC: https://cnb.cx/SubscribeCNBC
» Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision

About CNBC: From 'Wall Street' to 'Main Street' to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more.

Connect with CNBC News Online
Get the latest news: https://www.cnbc.com/
Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC
Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC
Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC
Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC

#CNBC

President Biden’s Ambitious New Plan To Help Student Debt, Explained