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How to get access to Biden’s student loan debt “rescue plan”

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The Biden administration is introducing the beta version of its new income-driven student loan repayment plan, called the Saving on a Valuable Education (SAVE) plan.

The plan was devised as an alternative after the Supreme Court rejected President Joe Biden’s student debt forgiveness initiative in June. The SAVE plan represents a significant change in the federal student loan system, aiming to reduce the financial burden for borrowers by lowering their monthly loan payments and overall repayment amounts.

The president’s commitment to improving the student loan system and alleviating student loan debt for American families is a driving force behind the SAVE plan. As federal student loan payments are set to resume in October, borrowers can access the beta website at https://studentaid.gov/idr/ to begin submitting their applications for the program. The enrollment process is expected to be swift, lasting around 10 minutes, and certain sections will be auto-filled with existing government data, including tax returns from the IRS.

One time application

Unlike previous systems, where borrowers had to apply yearly, the SAVE plan only requires a one-time application, making it more user-friendly. The plan allows borrowers to select the most affordable repayment option, and they will receive a confirmation email upon submission. The approval process, which can be tracked online, typically takes a few weeks.

The new plan takes into account income and family size to determine payment amounts, with some borrowers qualifying for payments as low as $0. The income threshold to qualify for $0 payments has been raised to 225% of the federal poverty guidelines, expanding eligibility to more borrowers, estimated to be over a million. Some borrowers could see their payments reduced by half, and after making at least ten years of payments, they may have their remaining debt canceled.

Interest repayments

Unpaid interest will not accrue for borrowers who make their full monthly payments under the SAVE plan. However, implementing the plan comes with a cost to the federal government, estimated to be between $138 billion to $361 billion over a decade, lower than the projected $400 billion for Biden’s initial student loan forgiveness program.

The beta site launch allows the Department of Education to monitor site performance and address any issues before the full website launch in August. Borrowers will need to resume federal student loan payments in October after a three-year pause due to the pandemic.

Despite the setback of the Supreme Court’s rejection of student debt forgiveness, the administration has been taking measures to assist federal student loan borrowers. Recently, the Education Department announced that 804,000 borrowers would have $39 billion of student debt forgiven, owing to more accurate counting of qualified monthly payments under existing income-driven repayment plans.

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Ferrari’s debut high-performance electric vehicle will be priced above $500,000

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Ferrari has unveiled details about its inaugural electric car, slated to be priced upwards of $500,000, as first reported by Reuters.

This announcement comes amidst growing global interest and competition in electric vehicles, with Ferrari aiming to blend its iconic design prowess with sustainable technology.

The Italian automaker, renowned for its high-performance sports cars, is expected to maintain its commitment to superior craftsmanship and engineering excellence in its electric offering.

Following the EV announcement, Ferrari also confirmed plans to establish a new manufacturing plant aimed at enhancing production flexibility and significantly reducing car development times.

Mike Costello from Cox Automotive joins to discuss the latest in EVs. #featured #trending

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Nvidia surpasses Microsoft as the most valuable company in the world

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Nvidia has emerged as the world’s most valuable company, surpassing Microsoft with a market value of over $3.3 trillion.

This shift comes on the heels of Nvidia’s consistent growth in the semiconductor sector and its strategic advancements in artificial intelligence and gaming technologies.

This milestone marks a significant validation of Nvidia’s aggressive expansion and innovation strategies under CEO Jensen Huang, who has steered the company towards dominance in high-performance computing.

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Finance expert empowers his social audience with accessible wealth tips

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The right strategy can change the game for your financial freedom. Meet the advisor making his tips accessible to all.

Wyld Money dives into the world of financial freedom. Whether you’re a seasoned investor or just getting started, join us for actionable tips and tricks to unlock your earning potential, and retire on your own terms.

In this episode, Mark is joined by James Wrigley, Financial Advisor at First Financial. #wyld money #trending

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