Everything to know about the SAVE Plan, President Joe Biden’s new student loan plan

Amid President Biden’s ongoing battle to secure student loan forgiveness, his administration has unveiled another way to help student loan borrowers: the Saving on a Valuable Education (SAVE) plan. As a new repayment plan, SAVE may allow borrowers to significantly cut their monthly student loan payments, sometimes to as little as $0 per month.

While SAVE won’t take full effect until next year, the beta application period is now open. Here’s what you need to know.

How does the SAVE plan work?

SAVE is an income-driven repayment plan, meaning that borrowers’ monthly payments are determined…