If you have student loans – SAVE can help you save money. While Biden’s initial loan forgiveness plan wiats for it’s day in court, the President announced the passage of the SAVE Plan. SAVE is a revised version of the income-driven repayment plan. Essentially, more families will be eligible for reduced monthly payments because SAVE increased the level of household income that can be excluded from the calculation of the monthly payment amount. Per the announcement on studentaid.gov website, you will not owe loan payments if you are a single borrower earning $32,800 or less ($15/hour) or a family of four earning $67,500 or less. Higher wage borrowers could see monthly payments reduced by $1,000 annually. Find an estimated monthly payment by family size under SAVE here. Tell your friends and sign up for SAVE! Or via studentaid.gov/SAVE
Note: Those with income-based repayment plans currently are or will be automatically enrolled in SAVE.
Read the White House SAVE fact sheet
Listen to an explanation on NPR