A new website just went live offering a chance for hundreds of thousands of graduates to have their student loans wiped out.
You can now apply for the new income-based repayment plan through the Biden administration.
This program is the workaround after the Supreme Court struck down President Biden's loan forgiveness plan.
This is called 'SAVE' — Saving on a Valuable Education. The enrollment process is expected to take about ten minutes, approval will take a few weeks, and you can track progress online.
A lot of sections on the site will auto-fill with information the government already has from tax returns.
To have your payments dropped to zero, your income has to be about $32,000 a year for individuals or about $67,000 for a family of four. Some borrowers who make more could still have their loan repayments cut in half.
Once you qualify, it will roll over each year. As long as you make your monthly payments, no interest will accrue with this new plan.
There is a cost to the government estimated between $130 and $360 billion. The original plan carried a price tag upwards of $400 billion.
In the meantime, student loan repayments are set to resume in October.
Apply for loan forgiveness here.
