Is This Student Loan Forgiveness Plan Getting Rescued?

Can the SAVE student loan plan be saved? Democratic lawmakers are attempting a rescue. Led by Sens. Jeff Merkley and Tim Kaine, a group of Democrats put forth the Savings Opportunity and Affordable Repayment (SOAR) Act, which would codify President Joe Biden's Saving on a Valuable Education (SAVE) plan and offer new protections for student loan borrowers. "I'm proud to introduce the SOAR Act, legislation that would codify, expand and strengthen the SAVE Plan to help student borrowers design a monthly student loan repayment plan that works for them," Kaine said in a statement posted on Merkley's website. With a Republican majority in the House and Senate, however, the SOAR plan is unlikely to gain traction. "It has no chance of passage in a Republican-controlled Congress," said financial aid expert Mark Kantrowitz. "Borrowers should not count on it." The SAVE plan has been nearing its demise and Kantrowitz says it "has no hope of resurrection." This affordable student loan repaymen ... Read full article.