“More than halve payments on undergraduate federal student loans by simplifying and increasing the generosity of today's income-based repayment program.”
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The Biden administration finalized the SAVE income-driven repayment plan in 2023, which included a provision cutting undergraduate loan payments from 10% to 5% of discretionary income, directly matching this promise's mechanism. That specific rate cut was scheduled to take effect July 1, 2024, but a Kansas federal district court enjoined it on June 26, 2024, just before its effective date, and it never went into effect for undergraduate borrowers; the Eighth Circuit later blocked the entire SAVE plan by August 2024, and it was formally wound down after a February 2025 appellate ruling. Other SAVE features tied to this same promise, such as no interest accrual on unpaid balances and a wider income exemption producing $0 payments for millions of borrowers, did operate for roughly a year before the shutdown. Because the specific halved-payment mechanism promised here was blocked before it ever took effect, while adjacent generosity increases briefly operated, the promise was only partly kept.
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