• In August 2023, the Biden Administration finalized the most affordable repayment plan ever created, the Saving on a Valuable Education (SAVE) Plan.

 

  • SAVE is the new income-based repayment plan for certain federal loans that is replacing the old REPAYE plan.

 

  • Lower monthly loan payments, eliminating 100% of loan interest after payments, and excluding spousal income when considering income for monthly payments when filing separately.

 

  • Monthly payments are calculated based off of individual income and household size to a minimum payment of $0 per month.

 

  • Eligible loans include but are not limited to Direct Subsidized loans, Direct Unsubsidized loans, and Direct Plus loans made to Graduate and Professional students

 

  • Borrowers currently enrolled with the REPAYE plan will automatically be enrolled into the SAVE plan.