As first reported by CNBC, the White House says that people enrolled in the Saving on a Valuable Education or SAVE plan will not have to make payments on their federal student loan debt for at least another six months. Veuer’s Matt Hoffman reports.
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00:00The Biden administration's efforts to help those with student loans remain tied up in the courts,
00:04but some borrowers are still benefiting, at least for now. As first reported by CNBC,
00:09the White House says that people enrolled in the Saving on a Valuable Education, or SAVE, plan
00:15will not have to make payments on their federal student loan debt for at least another six months.
00:19Those enrollees will be placed in interest-free general forbearance. The government is awaiting
00:24instructions from the courts. SAVE itself is currently held up by an injunction from the
00:28U.S. Court of Appeals for the Eighth Circuit, according to CBS News. Even apart from the
00:33court challenges, the program's future will likely depend on the outcome of the presidential
00:37election, as Vice President Harris would be more likely to preserve SAVE than former President
00:41Trump. About 8 million people are currently enrolled in SAVE. The White House said in April
00:46that 4.5 million of them have a monthly payment of $0, meaning they are not accumulating interest.