The Biden administration on Tuesday officially launched a new income-driven student loan repayment program, just months after the Supreme Court struck down its student loan forgiveness initiative. The White House is billing it as the “most affordable student loan plan ever.”The Saving on a Valuable Education plan allows for millions of borrowers to have their monthly payments reduced based on income and family size, caps interest accrual, and forgives leftover balances after a number of years. Many borrowers, such as a single person who earns less than $32,800 a year or a family of four earning $67,500 or less per year, could even qualify for $0 monthly payments.“This will allow them to focu
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