The Biden administration's new repayment plan, known as "Saving on A Valuable Education," or SAVE, will be fully phased this summer.
The plan offers a lower monthly payment for most borrowers than other federal student loan repayment plans. It also cancels some borrowers' student debt after making as few as 10 years of payments.
Monthly payments on loans borrowed for undergraduate school will be reduced from 10% to five percent of discretionary income. SAVE also changes how discretionary income is calculated by shielding a more significant portion of a borrower's income.
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In addition, two groups are partnering to bring a clinic to several cities, including Houston. Young Invincibles and Civic Nation will host a student loan debt clinic to answer borrowers' questions and give individualized support on navigating repayment.
The clinic will support borrowers by helping them enroll in the SAVE Plan and others, lower their payments and understand the resources available to them.
Eyewitness News spoke to the organizers on Friday, who said this is a crucial step in helping young minorities, in particular, as they continue recovering financially after the pandemic.
The SAVE on Student Debt Clinic will include a training and Q&A session on student loans led by Federal Student Aid facilitators, and an open clinic for borrowers to get individualized support navigating their student loans and signing up for income-driven repayment programs. Borrowers can sign up for the event here.
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Two Republican-led states have overturned the SAVE plan, citing that the Biden administration is overstepping its legal authority.
Registration is required. Saturday's clinic will be held at The Montrose Center starting at 11:00 a.m.
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