 The SAVE plan provides more generous terms than past income-based repayment plans, lowering monthly payments for eligible borrowers and allowing those whose original principal balances were $12,000 or less to have their debts forgiven after 10 years. Missouri's Attorney General Andrew Bailey, a Republican who helped lead the litigation, hailed the decision. Congress never gave Biden the authority to saddle working Americans with half a trillion dollars in other people's debt, he wrote.