Biden launches new student debt repayment plan

WASHINGTON, D.C. (CNN) – The Biden administration is launching a website for its new student loan repayment plan.

The new approach comes weeks after the Supreme Court rejected the president’s effort to wipe out student debt for millions of borrowers.

Students can access the website now during this trial period and apply for the new program.

The website will be fully functional next month.

The new approach comes as student loan payments are set to resume in October after a long pause because of the pandemic.

The president’s new plan could lower monthly loan payments for some borrowers and reduce the amount they pay back over the lifetime of their loans.

Borrowers will only need to apply once and not yearly.

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