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Reforming Income-Driven Student Loan Repayment: A Safety Net, Not a Subsidy

Overview

Congress appears likely to repeal the Biden Administration’s Saving for A Valuable Education (SAVE) plan and replace it with a new Income-Driven Repayment (IDR) plan. Income-driven repayment should be a safety net for borrowers, not a broad subsidy for higher education. At a minimum, an effective IDR plan should adhere to a few basic principles.