Save Repayment Plan | United States Department Of Education

he Saving on a Valuable Education (SAVE) Plan is the newest income-driven repayment (IDR) plan. Like other IDR plans, the SAVE Plan calculates your monthly payment amount based on your income and family size. In addition, the SAVE Plan has unique benefits that will lower payments for many borrowers. The SAVE Plan replaced the Revised Pay As You Earn (REPAYE) Plan. Borrowers on the REPAYE Plan automatically get the benefits of the new SAVE Plan. FAST FACTS - The SAVE Plan is an IDR plan, so it bases your monthly payment on your income and family size. - The SAVE Plan lowers payments for almost all people compared to other IDR plans because your payments are based on a smaller portion of your adjusted gross income (AGI). - The SAVE Plan has an interest benefit: If you make your full monthly payment, but it is not enough to cover the accrued monthly interest, the government covers the rest of the interest that accrued that month. This means that the SAVE Plan prevents your balance from growing due to unpaid interest. - More elements of SAVE will go into effect in summer 2024 and will lower payments even more for borrowers with undergraduate loans.

Data provided by

211 Pathways

Physical Address

400 Maryland Avenue Sw, Lyndon Baines Johnson (lbj) Department Of Education Building, Washington, DC 20202

Hours

24/7 website at https://studentaid.gov/announcements-events/save-plan.

Application process

Visit website for information on applying at https://studentaid.gov/announcements-events/save-plan.

Eligibility

Individuals with Student Loans.

Service area

United States

Agency info

United States Department Of Education

The government's Department of Education exists to promote student achievement and preparation for global competitiveness by fostering educational excellence and ensuring equal access.