Biden's New SAVE Plan: Lower Student Loan Payments with Forgiveness

With student loan payments set to restart in October 2023, the Biden Administration recently announced a new student loan income-based repayment plan called the SAVE Plan. Not only is the SAVE plan going to significantly lower the required monthly payment for both undergraduate and graduate student loans but there is also a 10-year to 25-year forgiveness period built into the new program. While the new SAVE program is superior in many ways when compared to the current student loan repayment options, it will not be the right fit for everyone. In this article, we will cover:

• How does the new SAVE Plan work?
• How does the SAVE program compare to other student loan repayment options?
• How are the monthly payments calculated under the SAVE program?
• What type of loans qualify for the SAVE plan?
• How do you apply for the new SAVE plan?
• How does loan forgiveness work under the SAVE plan?
• Who should avoid enrolling in the SAVE plan?
• The new Fresh Start Plan to wipe away defaults and delinquent payments in the past

www.Studentaid.gov has excellent resources available:

www.Studentaid.gov/save for information about the new income-driven repayment loan plan
www.Studentaid.gov/restart: for borrowers who were in repayment before and are going to resume payments
www.Studentaid.gov/firstpayment: For borrowers who haven’t made a payment before

Call Studenaid.gov for info on your student loans: 1-800-433-3243 (1-800-4-Fedaid)

Contact Michael Ruger with Questions: 518-477-6686 or [email protected]
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