The enrollment process is estimated to take 10 minutes, and many sections can be automatically populated with information the government has on hand, including tax returns from the IRS, administration officials said. It is important in this moment as borrowers are getting ready to return to repayment.”įederal student loan borrowers can access the beta website at. “Part of the president’s overall commitment is to improve the student loan system and reduce the burden of student loan debt on American families,” a senior administration official said, previewing the beta website first to CNN. It marks a significant change to the federal student loan system that could lower monthly loan payments for some borrowers and reduce the amount they pay back over the lifetime of their loans. The SAVE, or Saving on a Valuable Education, plan was finalized after the Supreme Court struck down President Joe Biden’s student debt forgiveness initiative in June. The Biden administration is launching a beta website for its new income-driven student loan repayment plan today, officials told CNN, allowing borrowers to begin submitting applications for the program as federal student loan payments are set to resume in October.
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