NEW Student Debt Relief Plan Launches; Students: Can Your App Idea Help with a Philly Problem?

I strongly support the new student debt relief plan from the Biden-Harris administration, Saving on A Valuable Education (SAVE). This plan replaces the Revised Pay As You Earn (REPAYE) plan – borrowers on the REPAYE plan automatically get the benefits of the new SAVE plan.The launch of SAVE provides a total of four general plans that may benefit borrowers - you can figure out which of these plans is best for you by using Studentaid.gov’s loan simulator here.  

This week, the updated income-driven repayment application tool was launched on StudentAid.gov to enable student loan borrowers to enroll in SAVE. This new plan is expected to save millions of borrowers money on their monthly payments. 

The SAVE plan is designed to cut payments to zero for borrowers making roughly $15 an hour, save all other borrowers at least $1,000 a year compared to other income-driven repayment (IDR) plans, and stop runaway interest that leaves people owing more than their initial loan. 

The plan is part of President Biden and Vice President Harris' broader efforts to make college more affordable and support students and borrowers. Already, the Biden-Harris administration has approved the cancellation of more than $116 billion in student loan debt for 3.4 million borrowers. 

In addition, if you’re employed by a government or not-for-profit organization, you might be eligible for the Public Service Loan Forgiveness program. For those who qualify, PSLF forgives the remaining balance on your Direct Loans:

• after you’ve made the equivalent of 120 qualifying monthly payments under an accepted repayment plan, and
• while working full-time for an eligible employer.

 Current and future teachers may also qualify for TEACH Grants – click here to learn more. 

Here’s an important reminder for any borrower: Other entities may falsely state that they are or represent the U.S. Department of Education or its Office of Federal Student Aid. Remember, you never have to pay for help with your federal student loans and you should never give out your personal information to unfamiliar callers or entities. 

Students: Can Your App Idea Help Address a Philly Problem? 

Philadelphia students may have ideas for apps that could help address pressing issues that affect both the city and the nation, such as gun violence, the need for affordable housing, student debt, helping to lift people out of poverty, and transit – to give a few examples. 

I encourage Philadelphia middle and high school students to use their problem-solving skills in the Congressional App Challenge. Students in grades 5 through 12 are eligible. Winning apps will be displayed in the U.S. Capitol building and on the House of Representatives’ website, house.gov. The deadline is Nov. 1 at 12 p.m. ET. Students aren’t limited to the types of topics listed above – if you have a question about the App Challenge, you can call my office at 215-276-0340. 

If you’re new to coding, it may be easier than you think! You can learn more about that by clicking here. The App Challenge main page is available here and the two forms to apply are here. 

My office can also help with other federal issues. During my first six years in Congress, my office has helped to return to or save more than $25 million for Philadelphians from federal agencies such as the IRS, Social Security Administration and Department of Veterans Affairs. We also help constituents with other federal concerns such as U.S. Postal Service issues and immigration or passport issues. 

If you’re seeking help with a federal agency or a federal concern, you can contact my offices at 215-276-0340 (Northwest Philadelphia) or 215-254-3400 (Point Breeze) or fill out this form that legally authorizes us to look into your case. My staff has also resumed holding mobile office hours in several locations throughout the district. 

Staying informed: You can also keep up with information and services between these newsletters on my Facebook, Twitter,Instagram and Threads pages – including updates on my Facebook and Instagram Stories. 

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