Even though the Supreme Court struck down President Biden's student loan forgiveness plan, borrowers could have another option: the SAVE plan. But the new form of income-driven repayment isn't as straightforward as loan forgiveness. Here's what you need to know: 🎓 SAVE bases monthly payments on income and family size. Under it, a million more borrowers will qualify for $0 payments. 🎓 Student borrowers will federally held loans — including subsidized, unsubsidized, consolidated and PLUS graduate loans — can qualify. 🎓 The SAVE application will be available later this summer. Borrowers can apply for the REPAYE plan now to be automatically shifted to SAVE when it launches. 🎓 This plan will likely receive legal challenges, but experts say it's less vulnerable than the debt forgiveness plan. |
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