Ahorre con el plan SAVE

Are you or is someone you know repaying federal student loans? Did you know there may be more budget friendly options available to you? With income-driven repayment (IDR) plans, which set student loan payments based on your income and family size, you may be able to lower your monthly payment amount to something more manageable and affordable.

In June 2023, the U.S. Department of Education announced a new and affordable IDR repayment plan – the Saving on a Valuable Education (SAVE) plan. The plan entails several benefits including lower payment amounts and the elimination of interest growth after a scheduled payment. And since its debut in October 2023, more than 8 million borrowers have enrolled in the SAVE plan including 4.6 million of whom with a $0 monthly payment. The SAVE plan is scheduled to go fully into effect in July 2024.

• For undergraduate loans, the SAVE plan will cut your monthly payments in half, from 10% to 5% of your discretionary income.
• The SAVE plan will forgive your loan balance after 10 years of payments, instead of 20 years, if your original principal balance was $12,000 or less.
• You will be automatically enrollment in the SAVE plan if you become 75 days late on payments and have previously agreed to disclose your tax information to the Department.

Estos cambios son solo algunos ejemplos de cómo el plan SAVE sigue evolucionando para ayudarlo a usted y a otros prestatarios. Haz clic aquí para ver más recursos de ayuda financiera y opciones de pago de préstamos.