The Saving on A Valuable Education (SAVE) Plan introduced in August by the U.S. Department of Education is a new income-driven repayment (IDR) plan designed to alleviate the financial strain of student loans. Engineered to offer the lowest monthly payments among IDR plans, SAVE customizes payments based on income and family size.
Notably, it expands the income exemption to 225% of the federal poverty line and grants an interest subsidy for borrowers making timely payments, preventing balance escalation. By recalibrating payments to a smaller portion of one’s income, SAVE substantially reduces monthly payments for most borrowers.
This plan is especially advantageous for low- and middle-income earners, public service workers, community college graduates and those who initially borrowed $12,000 or less in student loans. Starting in July, borrowers with only undergraduate loans will see their monthly payments halved, offering substantial relief.
How to apply
Use the IDR application to apply for the SAVE Plan.
If you were on the REPAYE Plan, you’ve been automatically enrolled in the SAVE Plan. There is no need to reapply or request to change your plan.
Learn how to check which plan you’re on.
If your loans are in default, you may qualify for the Fresh Start initiative to easily get your loans back in good standing. It’s free and takes 10 minutes or less to sign up and enroll in an affordable repayment plan, such as the SAVE Plan, with payments as low as $0 a month.
How much will I pay each month?
The SAVE Plan calculates your monthly payment based on your income and family size. If you’re making $32,800 per year or less (roughly $15 dollars per hour), your monthly payment will be $0, and if you make more than that you’ll still save at least $1,000 per year compared to what you would have paid under the REPAYE Plan.
For more information on SAVE:
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I’m looking for a loan forgiveness program for myself.
I am paying for my kids college , and I am 100%. disabled , is there a way ti get paid back
No one should qualify
I paid back every dime I owed in student loans. Do I get a credit? This iis an utter disgrace and a slap to everyone that met their obligations.
Can military family members qualify for this benefit?
This should only be for veterans. Stop the giveaways!
Jerry Phillips
I am a cosigner on my sons Salie Mae loan am I eligible for this relief?
I’m in a similar situation as legally adopted son signed off on a Sallie Mae student loan that I didn’t know about until too late, I’m a 100’/‘ disability veteran can I get any relief from this situation my son got me into
Can I apply under this situation! I am co-signed on my daughters loan!
Is this for Veterans only or do non veterans that are employed in the VA qualify?
Hello, I’m a veteran and applied (or re-certified my existing IDR) for the SAVE plan. I applied on 2-8-2024 and MOHELA has not processed my SAVE application. They sent me two emails on 1-25-2024 stating that if I did not re-certify by 3-27-2024 then I would need to pay nearly $2,000 per month. Though I’ve attempted to communicate this issue via emails, calls, contacting and filing complaints with the Department of Education, my IDR is still not processed. I sent another SAVE application on 2-17-24, still unprocessed. I contacted the military section of MOHELA and they said they would escalate the issue; and they re-submitted my IDR recertification on 3-17-2024–still not processed. MOHELA finally contacted me, stating that they moved the recertification deadline to November 2024. They stated that some people received letters in January 2024 that they would owe exorbitant monthly amounts if they did not re-certify by 3-27-24 but the deadline was moved. They stated that my account should show that I owe $0.00 dollars by May 2024 since I’m “paid ahead”. Does it show this? NO, my account currently shows that I owe a $2,000 payment by May 2, 2024. I, again, contacted them on 3-27-2024 with this information. As well, I did not see a mass email go out stating that the re-certification deadline was moved to November 2024; therefore, I doubt the veracity of that information.
Does my grandson, a non-veteran, qualify for this loan?
I Am A Senior Veteran Who Went To College From 2014-2018!
I Owe $35k
I Signed up already, 4 months ago and now, under These Guidelines , even if I receive The $20k Per year To bring it to 32k yesrly Then my payments are Essentially Forgiven!
Loan Forgiveness
I’m paying both my kids student loans. Can I qualify for this program?
I was told by DocuServe my loan had been forgiven, but I am now getting billing request from Nelnet.
I am a disabled Vet who is not working due to my heart, and fact the rehab course I took to get a job was not a grant, now I find out my age is now a factor.
How do I get forgiven if what DocuServe fed me inaccurate information.