SAVE Day of Action Launched by Vice President Kamala Harris and Administration Officials

Vice President Kamala Harris, alongside key administration officials, has spearheaded the launch of the “SAVE Day of Action,” aimed at spotlighting cross-sector efforts to bolster enrollment in the Saving on a Valuable Education (SAVE) Plan. This initiative underscores the Biden-Harris administration’s commitment to alleviating the burden of student loan debt for millions of Americans.

“President Biden and I know that far too many people in our nation are struggling with student loan debt. That is why we have forgiven nearly $144 billion for almost four million Americans while also creating the SAVE Plan so that millions of people can cut their payments in half or entirely,” stated Vice President Harris, urging individuals nationwide to visit StudentAid.Gov/Save to explore enrollment opportunities.

Since its inception, the Biden-Harris Administration has prioritized rectifying the flaws within the student loan system and extending debt relief to as many borrowers as feasible. Last fall, President Biden introduced the SAVE Plan, hailed as the most affordable repayment plan in history, catering to over 7.7 million Federal student loan borrowers. Notably, more than 150,000 borrowers have already benefited from loan cancellations under the SAVE Plan.

Today marks the commencement of the SAVE Day of Action, commencing with a kick-off event at the White House led by Secretary of Education Miguel Cardona, Domestic Policy Advisor Neera Tanden, Director of the Office of Public Engagement Stephen Benjamin, and other senior administration officials. This day aims to amplify awareness of the SAVE Plan and drive enrollment, particularly among groups disproportionately burdened by student loan debt.

As part of the SAVE Day of Action, over 40 entities spanning Federal agencies, private sector institutions, non-profit organizations, labor unions, philanthropic organizations, and benefits managers have pledged commitments to promote the SAVE Plan. These actions are anticipated to reach over 100 million Americans, ensuring accessibility to affordable repayment options and pathways to forgiveness.

Furthermore, the Council of Economic Advisors has released a report elucidating how the SAVE Plan will significantly benefit low- and middle-income borrowers, public service workers, and community college graduates, among others. The report emphasizes the plan’s potential to reduce monthly payments, prevent balance growth, and expedite the path to forgiveness.

Various commitments from public, private, and other sectors include hosting informational events, leveraging digital platforms for outreach, and facilitating educational sessions. Entities such as the U.S. Chamber of Commerce, Credit Karma, Pearson, and prominent unions like the American Federation of Teachers and the National Education Association have pledged to disseminate information about the SAVE Plan to their respective members and networks.

Federal agencies, including the Departments of Education, Veterans Affairs, and Labor, have also committed to promoting the SAVE Plan among their employees through various channels, including webinars and newsletters.

The SAVE Plan offers several advantages to borrowers, including increased income protection, halved monthly payments, expedited forgiveness, and exclusion of spousal income from payment calculations. Particularly benefiting low-income earners, community college students, and public service workers, the plan stands as a pivotal measure in alleviating the student debt crisis.

As the SAVE Day of Action unfolds, the concerted efforts of government agencies, private entities, and nonprofits signal a collective commitment to easing the financial burden of student loan debt and fostering economic empowerment for millions of Americans.