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The SAVE plan differs from other IDR plans in several ways, including: The SAVE plan offers a lower monthly payment amount because it increases the income exemption from 150% to 225% of the poverty line. The SAVE plan eliminates 100% of remaining interest for both subsidized and unsubsidized loans after a scheduled payment is made.
A federal court issued an injunction preventing the U.S. Department of Education from implementing parts of the Saving on a Valuable Education (SAVE) Plan and other IDR plans, including— for example— SAVE’s monthly payment formula and loan forgiveness under SAVE, PAYE, and ICR plans.
With the SAVE Plan, any remaining accrued interest will be covered by the government, so your principal balance won’t increase. Watch the Saving on a Valuable Educations (SAVE) Plan—The New Income-Driven Repayment Plan video for an explanation of how the government interest subsidy helps with your student loan repayment.
The SAVE plan is a new IDR plan, launched last year, that reduces monthly payments, stops runaway interest accrual, and provides for eventual student loan forgiveness.
The SAVE plan forbearance has already been in effect for more than two months, halting progress toward student loan forgiveness under IDR and PSLF for more than eight million borrowers ...