(NEXSTAR) — If you're one of the millions of federal student loan borrowers on the newest income-driven repayment plan, you could be in for a pleasant surprise — a payment-free July. Last summer, the Biden administration rolled out the Saving on a Valuable Education Plan, otherwise known as the SAVE Plan. The student loan repayment plan takes into account your income and family size to determine your monthly bill. In July, early forgiveness and other benefits related to the SAVE Plan are set to take effect. That includes cutting payments on undergraduate loans in half and borrowers receiving credit toward forgiveness for certain periods of deferment and forbearance. B
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