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# Biden-Harris Administration Announces Nearly 5.5 Million Borrowers Are Enrolled in the SAVE Plan

# Biden-Harris Administration Announces Nearly 5.5 Million Borrowers Are Enrolled in the SAVE Plan

November 8, 2023

**Contact:  **press@ed.gov

                                    -        
The Biden-Harris Administration released data today  showing that nearly 5.5 million borrowers are now enrolled in the Saving on a  Valuable Education (SAVE) Plan, including 2.9 million who have $0 payments. All  other borrowers enrolled in SAVE are saving an estimated $102 a month ($1,224 a  year) compared to what they would have paid on the Revised Pay As You Earn  (REPAYE) plan. Overall, enrollment in SAVE has grown by 60% since it replaced  the Revised Pay As You Earn (REPAYE) Plan this summer. The data, released by  the U.S. Department of Education (Department), are based upon enrollment as of  October 15, 2023.

“Under President Biden, the Department created the SAVE  Plan so that young people and working families can climb the economic ladder  without unaffordable student loan debt weighing them down,” said U.S. Secretary  of Education Miguel Cardona. “I’m thrilled to see that in less than three  months, nearly 5.5 million Americans in every community across the country are  taking advantage of the SAVE Plan’s many benefits, from lower monthly payments  to protection from runaway student loan interest. The Biden-Harris  Administration will not rest in its efforts to fix the broken student loan  system and make paying for college more affordable.”

The updated SAVE enrollment figure includes 1.8 million  borrowers new to an income-driven repayment (IDR) plan and 364,000 who switched  to SAVE from a different IDR plan since September 2023. Overall, borrowers are  repaying $300 billion in federal student loans on the plan, about one-quarter  of all Direct Loans in repayment, deferment, or forbearance.

The SAVE Plan is providing significant savings for  borrowers compared to the previous REPAYE plan. The majority of SAVE enrollees  today have $0 payments, while borrowers who still owe a payment are saving an  estimated $102 a month ($1,224 a year). These savings are providing real relief  to borrowers and their families, especially those who are disproportionately  impacted by student debt, like borrowers of color and low-income borrowers.  Borrowers are also seeing separate savings from not being charged unpaid  monthly interest. These benefits are particularly critical as Department data  show that 75% of SAVE borrowers also received Pell Grants, which are awarded to  low-income college students.

Under the SAVE Plan, single borrowers who earn less than  $32,800 per year or those in a family of four making less than $67,000 have a  $0 payment. The SAVE Plan also ensures that a borrower’s balance will never  grow due to unpaid interest as long as they are making their monthly payments.  The improved IDR application allows borrowers to have their income securely  accessed through the Internal Revenue Service, so they do not need to  re-certify their incomes or reapply for IDR plans each year. Savings for  borrowers will increase again when the Department implements further payment  reductions for undergraduate loans next year, as well as earlier loan  forgiveness for smaller loans.

Today, the Department is also releasing data on the  number of borrowers enrolled in SAVE by state and congressional district.  California and Texas each have more than 450,000 borrowers enrolled in SAVE,  while congressional districts in Missouri, Ohio, and Michigan have the highest  identified enrollment. Data also show that there are borrowers enrolled in SAVE  in each congressional district. The data can be found here.

The SAVE Plan builds on the Biden-Harris Administration’s  work to reduce the burden of student debt on America’s families. The  Biden-Harris Administration has already approved $127 billion in targeted  relief for nearly 3.6 million borrowers. The Administration is currently in the  process of proposing revisions to regulations that would make more borrowers  eligible for loan forgiveness. It also recently finalized regulations that help  create the strongest accountability system ever for colleges that leave students  with unaffordable debts.

“The SAVE Plan will significantly cut monthly bills for  most borrowers, reduce loan default, and ensure that students loans don’t need  to come before life necessities,” said Under Secretary James Kvaal. “With  nearly 5.5 million people enrolled after only two months, it’s clear how much  borrowers need a plan like SAVE. President Biden and our Administration remain  committed to giving borrowers breathing room on their monthly payments and  ensuring student loans aren’t a barrier to opportunity.”
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