What to know about the SAVE plan, the income-driven plan to repay student loans

More than 75 million student loan borrowers have enrolled in the U.S. government’s newest repayment plan since it launched in August. President Joe Biden recently announced that he was canceling federal student loans for nearly 153,000 borrowers enrolled in the plan, known as the SAVE plan. Forgiveness was granted to borrowers who had made payments for at least 10 years and originally borrowed $12,000 or less. The SAVE plan was created last year to replace other existing income-based repayment plans offered by the federal government. More borrowers are now eligible to have their monthly payments reduced to $0.