President Joe Biden didn’t give up after the Supreme Court ruled against his student debt relief plan. He immediately launched a new plan to lighten the burden of student loans for millions of people. This week, that plan survived an effort to vote it down in the Senate.
Conservative Democratic Sen. Joe Manchin joined with Senate Republicans on a Congressional Review Act resolution that would have killed the program.
The first stage of the Saving on a Valuable Education plan increased the amount of income protected from repayment, “guaranteeing that no borrower earning under 225% of the federal poverty level—about the annual equivalent of a $15 minimum wage for a single borrower—will have to make a monthly payment under this plan,” according to a White House fact sheet. Additionally, borrowers who make their full monthly payment won't see the amount they owe increase—something that has happened to too many people for too long—because “If you make your full monthly payment, but it is not enough to cover the accrued monthly interest, the government covers the rest of the interest that accrued that month.”
