What to know about the SAVE plan, the income-driven plan to repay student loans

FILE - Wheaton College students stop to chat on the Norton, Mass. campus, Feb. 13, 2024 as snow falls. More than 75 million student loan borrowers have enrolled in the U.S. government’s newest repayment plan since it launched in August. NEW YORK — More than 75 million student loan borrowers have enrolled in the U.S. government’s newest repayment plan since it launched in August..

“We don’t want our loans dictating our life choices, and us not being able to do other things because we’re paying so much money. The SAVE plan is definitely a game changer for us,” said Michael, a 34-year-old interior designer in Raleigh, North Carolina.

Also, the SAVE plan prevents interest from piling up. As long as borrowers make their monthly payments, their overall balance won’t increase. Once they cover their adjusted monthly payment — even if it’s $0 — any remaining interest is waived. The maximum repayment period is capped at 20 years for those with only undergraduate loans and 25 years for those with any graduate school loans.The SAVE plan is available to all student loan borrowers in the Direct Loan Program who are in good standing on their loans.If you are one of the borrowers who is benefitting from forgiveness under the SAVE plan, you will receive an email from the Education Department.

Source: Education Headlines (educationheadlines.net)

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