Gillibrand Pushes to Codify Student Loan Repayment Program

New York's junior U.S. senator is pushing to make a federal student loan repayment program permanent. During a video conference call with reporters on Tuesday, Kirsten Gillibrand announced a bill called the Codifying SAVE Plan Act, which would protect President Joe Biden's income-driven Saving on a Valuable Education (SAVE) Plan from being rolled back under future administrations. Gillibrand says the SAVE Plan currently benefits nearly 375,000 New Yorkers...

Kirsten Gillibrand: over $63 million forgiven for New Yorkers

The SAVE Plan, which was introduced last August, has helped millions of borrowers lower their monthly payments. Under the plan, borrowers with undergraduate loans are getting their payments reduced from 10% to 5% of their discretionary income, and those earning under 225% of the federal poverty line have had their monthly payments lowered to $0.