Student loan repayment is about to restart. Let's spread the word to help borrowers save. 

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.

With SAVE, 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 each month will not see their loan balances grow due to accrued interest.

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).

For loan repayment information in other languages, contact the Department of Education.

Apply for the SAVE Plan today.
 

Consumer Action has been a champion of underrepresented consumers nationwide since 1971. A non-profit 501(c)(3) organization, Consumer Action focuses on consumer education that empowers low- and moderate-income and limited-English-speaking consumers to financially prosper. It also advocates for consumers in the media and before lawmakers to advance consumer rights and promote industry-wide change. Website: www.consumer-action.org.

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