Apply for SAVE: The new student loan repayment plan

Monday, August 28, 2023

Student loan repayment will restart in September, after a three-year pause. Nevertheless, there are loan forgiveness programs still available that stand to save you thousands.

The latest income driven repayment (IDR) plan from the Biden Administration is the Saving on a Valuable Education (SAVE) Plan, which is the most affordable repayment plan to date.

Borrowers can apply here for one of four IDR plans and for the SAVE Plan.

Under the SAVE Plan, you will pay 10% of your income toward your student loan debt. Those who earn less than $32,800 will owe nothing, and those who pay what they owe monthly will not see their loan balances grow due to accrued interest, according to the Department of Education.

Use the Loan Simulator to help you estimate your monthly payment, the repayment period and the projected loan forgiveness.

Starting July 2024, SAVE Plan payments will be reduced to 5% of income, and repayment will be limited to 10 years (for debts under $12,000).

Contact the Department of Education to request loan repayment information in other languages. 

Apply for the SAVE Plan today.