A new student loan plan could cut some payments in half. Here's what to know about applying:
“Part of the president’s overall commitment is to improve the student loan system and reduce the burden of student loan debt on American families,” a senior Biden Administration official, which received the first preview of the beta website. “The SAVE plan is a big part of that. It is important in this moment as borrowers are getting ready to return to repayment.”
The Department of Education says that borrowers who make less than $15 an hour and are enrolled in SAVE will have a $0 monthly payment on their student loans. That is because the way the Education Department calculates discretionary income has changed. Under the new standard, the Department will now compute a borrowers’ discretionary income as the difference between a borrower's adjusted gross income and 225% of the federal poverty guideline amount, instead of 150%.
If a borrower is unsure whether SAVE is the best repayment plan for them, they can use the Education Department’sWhy Women Will Suffer the Most From the Supreme Court's Student Loan RulingApplicants can review the information on file—including their FSA ID and income—to see what SAVE might save them.
Changes to the SAVE plan are expected to roll out in July 2024. Starting next summer, borrowers can expect automatic enrollment in an income-driven repayment plan if they are 75 days late on a payment, will automatically receive credit toward forgiveness for some periods of deferment and forbearance, and more.What other measures can help borrowers?
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