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Codify SAVE Plan for affordable student loan repayment

To: Sen. Peters, Sen. Stabenow

From: A constituent in Commerce Township, MI

September 26

The Codifying SAVE Plan Act seeks to give the force of law to the Department of Education's recently finalized regulations for the SAVE Plan, which provides new pathways for borrowers to repay their federal student loans through an income-driven repayment plan. This addresses the longstanding issue of burdensome student debt, which has stifled economic opportunities for millions of Americans. Providing reasonable, affordable options for individuals to responsibly pay off their student loans is crucial for reducing financial strain and unlocking economic mobility. Therefore, passing this legislation to codify the SAVE Plan is a positive step towards ensuring borrowers have access to manageable repayment plans tailored to their incomes.

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