The initiative aims to reach over 18 million Americans, offering support and information to borrowers returning to student loan repayment.
The initiative aims to reach over 18 million Americans, offering support and information to borrowers returning to student loan repayment.
The United States Department of Education has officially launched its “SAVE on Student Debt” Week of Action, bringing together 100 participating organizations in a nationwide outreach campaign.
The initiative aims to reach over 18 million Americans, offering support and information to borrowers returning to student loan repayment, the government said in a press release.
The collaborative effort, in partnership with national grassroots organizations, is part of a broader public-private campaign aimed at spreading awareness of the Saving on A Valuable Education income-driven repayment plan and other debt-relief programs introduced by the Biden-Harris Administration.
“Thanks to President Biden’s leadership, more than 4 million borrowers are already benefiting from more affordable student loan payments under the SAVE plan, but we know there are so many more individuals and working families who stand to gain,” Education Secretary Miguel Cardona said.
Under SAVE, borrowers earning less than approximately $15 per hour are not required to make any payments. Those earning more can save over $1,000 annually compared to the previous repayment plan.
Throughout the Week of Action, a diverse array of organizations from the public, private, and nonprofit sectors will join forces to empower eligible borrowers with knowledge about the benefits of the SAVE plan.
The campaign is especially critical as federal student loan interest resumes accruing, prompting borrowers to consider their repayment options starting in October.
During the Week of Action, activities include Federal Student Aid webinars on the SAVE plan and loan forgiveness, bipartisan trainings for congressional staff, a workshop to raise awareness of the SAVE plan among state legislators, and webinars providing insights on Public Service Loan Forgiveness and regulatory changes by the Washington State Student Loan Advocate.
The department and its servicers have also directly reached out to nearly 30 million borrowers to encourage them to apply for the SAVE plan via the new IDR application.
The campaign includes communication with 43 million borrowers and aims to provide specific, actionable information to assist borrowers in making informed repayment decisions.
To date, the administration has approved over $117 billion in targeted relief for millions of student loan borrowers, addressing historical inaccuracies in IDR payment counts, improving Public Service Loan Forgiveness, assisting borrowers with disabilities, and supporting those affected by school closures and related court settlements.
The administration’s dedication to college affordability extends to doubling the maximum Pell Grant, offering free community college, and introducing regulations to hold institutions accountable for unaffordable debts while enhancing transparency for all programs.
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