ORLANDO, Fla. – Florida has the third-largest number of borrowers in a new federal program trying to save people money while repaying student loans.
But the program could soon be undone by Republicans in Congress.
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The Biden administration announced the SAVE plan in August. The plan sets payments for student loans based on a borrower’s income and family size, rather than size of the debt, and forgives remaining balances after a certain number of years.
The program is also designed so that borrowers who pay what they owe on this plan would not see their loans grow due to unpaid interest.
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The Biden Administration announced Wednesday that nearly 5.5 million borrowers were now enrolled in the program as of Oct. 15. The administration believes up to 20 million Americans can qualify for this program.
Because the size of monthly loan payments is based on income, the Biden Administration says 2.9 million borrowers on the plan have $0 monthly payments.
Data from the U.S. Department of Education shows 381,500 Floridians are enrolled in the plan. California has the highest number of borrowers on the SAVE plan with 470,200, followed by Texas with 467,700 borrowers.
Central Florida also has some of the highest rates of enrollment in the SAVE plan in the state. Those numbers are broken down according to Congressional district, with District 9 (Orange and Osceola counties) having the highest number of borrowers, followed by District 7 (Seminole and Volusia counties) and District 10 (Orange County).
To sign up for the SAVE plan, head to the government’s student aid website.
The Biden administration unveiled the SAVE plan in the wake of the U.S. Supreme Court striking down an attempt to cancel student loan debt for millions of Americans earlier this year.
And Republicans in Congress are expected to push forward a bill to overturn the plan at some point this year.
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