President Joe Biden on Tuesday launched a promotional blitz for his new program that helps student loan borrowers repay their debt, just weeks before millions of Americans are set to receive a loan bill for the first time since the beginning of the pandemic.
The Biden administration is mobilizing to convince borrowers across the country to sign up for the new income-driven repayment program — dubbed the “SAVE plan” — which caps interest accrual and lowers the monthly payment amount for many borrowers.
“It’s the most affordable student loan plan ever,” Biden said in a video released by the White House on Tuesday, describing the program as a major reform to a student loan system “that hurt borrowers for much too long.”
“If you’re eligible for the SAVE Plan, sign up now so you can lower your monthly payments in advance of payments resuming this fall,” Biden said.
As part of the outreach campaign, the Education Department plans to communicate directly with nearly 30 million borrowers about the repayment program. And the administration is also enlisting the help of several outside groups: Civic Nation, the NAACP, the National Urban League, Rise, the Student Debt Crisis Center, UnidosUS and Young Invincibles.
Those groups have committed to holding in-person and virtual briefings and town halls, hosting phone banks, and running social media campaigns to promote the repayment program in the coming weeks, officials said.
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