“Those earning less than $25,000 per year will not owe any payments on their undergraduate federal student loans and also won't accrue any interest. Others pay 5% of their discretionary income toward their loans. After 20 years, the remainder of the loans will be 100% forgiven.”
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The SAVE plan, launched in August 2023, delivered much of this promise: borrowers earning under 225% of the federal poverty level (a threshold above the promised $25,000 for a single borrower) owed $0 payments, and unpaid monthly interest was not charged, so balances did not grow; by February 2024, 4.3 million enrollees had $0 monthly payments. The 5%-of-discretionary-income rate for undergraduate loans and the plan's forgiveness provisions were blocked by federal court injunctions beginning in mid-2024, and the Eighth Circuit enjoined the entire plan in February 2025, after which it was terminated. Because the $0-payment and no-interest features genuinely operated for millions of borrowers during Biden's term while the 5% rate and forgiveness elements were court-blocked and later undone, the promise was partly kept.
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