New student loan repayment website released

Student loan borrowers looking to decrease or change their monthly payment can now apply using a new government website, launched by the Administration on July 30. Under the Saving on a Valuable Education (SAVE) program, which applies to federal student loan borrowers, monthly payment is tied to income and family size. The SAVE plan replaces the existing Revised Pay-As-You-Earn (REPAYE) plan and was finalized on June 30 after the Supreme Court struck down another Biden student loan relief initiative. AAOMS continues to advocate for long-term legislative solutions addressing federal student loan debt levels facing many OMSs, such as through the Resident Education Deferred Interest (REDI) Act. While the REDI Act would not provide loan forgiveness or reduce the borrower’s original balance, it would allow borrowers to qualify for interest-free deferment on their student loans while serving in a medical or dental internship or residency program.