{"id":12879,"date":"2025-04-03T07:45:41","date_gmt":"2025-04-03T07:45:41","guid":{"rendered":"https:\/\/finderica.com\/?p=12879"},"modified":"2025-04-03T07:45:41","modified_gmt":"2025-04-03T07:45:41","slug":"soar-act-tries-to-codify-save-plans-student-loan-forgiveness-benefits","status":"publish","type":"post","link":"https:\/\/finderica.com\/?p=12879","title":{"rendered":"SOAR Act Tries To Codify SAVE Plan’s Student Loan Forgiveness Benefits"},"content":{"rendered":"\n
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Democrats propose the SOAR Act to protect income-driven repayment benefits after the SAVE Plan was … More<\/span> blocked. Here\u2019s what the bill does\u2014and its chances in Congress.<\/span><\/p>\n

<\/fbs-accordion>AFP via Getty Images<\/small><\/figcaption><\/figure>\n

SOAR Act Tries To Save The SAVE Plan For Student Loan Borrowers<\/h2>\n

A new bill<\/a> introduced by Senate Democrats aims to rescue key provisions of the Biden administration’s student loan repayment strategy after the centerpiece of that plan\u2014the SAVE income-driven repayment program\u2014was blocked by the courts earlier this year. The proposed SOAR Act would codify critical borrower protections into law, effectively trying to save the SAVE Plan.<\/p>\n

The stakes are high: With student loan repayment resuming after a three-year pause and delinquency rates soaring, millions of student loan borrowers are struggling to afford payments. The SOAR Act, short for Savings Opportunity and Affordable Repayment Plan Act, is a legislative effort to protect low-income borrowers from unaffordable payments and interest accrual\u2014goals previously at the core of the now-stalled SAVE Plan.<\/p>\n

Forbes<\/span>Student Loan Delinquency Rate Skyrockets As 4 Million Borrowers Are Behind<\/span>By Shahar Ziv<\/span><\/small><\/span><\/span><\/span><\/p>\n

SOAR Act Would Codify SAVE Plan Benefits For Student Loan Borrowers<\/h2>\n

According to a summary from lead sponsors Senators Jeff Merkley (D-Ore.) and Tim Kaine (D-Va.), the SOAR Act would enshrine many of the SAVE Plan\u2019s most generous features into federal law. The bill is co-sponsored by several Senate Democrats, including Senators Elizabeth Warren (D-Mass.), Bernie Sanders (D-Vt.), and Cory Booker (D-N.J.).<\/p>\n

The SOAR Act would provide student loan borrowers with:<\/p>\n