Student Loan Planner Introducing the SAVE Plan: The Biggest Change to Student Loans Ever
Details about the new student loan repayment plan are finally here. It’s called SAVE, and it stands for Saving on a Valuable Education. I’m uncovering crucial details about the new plan and how it’s replacing the existing REPAYE plan. It’s the biggest change to student loans we’ve seen, and it has the potential to simplify student loan repayment and save borrowers thousands or even hundreds of thousands of dollars. I’ll dive deep into the details, discussing recent changes, strategic applications, and the impact on Public Service Loan Forgiveness.
In today’s episode, you'll find out:
- How to get a 12-month forbearance period after payments start with the Biden administration’s new rule
- The implications of this forbearance, including its effect on credit reporting and loan interest accrual
- How the “special onramp forbearance” can strategically benefit borrowers
- An example where a brain surgeon with a significant student loan balance can be eligible for forgiveness
- How the COVID forbearance allows credit toward a 20 or 25-year repayment plan and PSLF
- What are the impacts of the recent changes to consolidation rules, and how it affects undergrad borrowers
- How the new SAVE plan works and why it will make repayment less complicated
- What Republicans are proposing for income-driven repayment plans
- Insight into the potential cost projections of the Biden administration’s SAVE plan and possible legal challenges
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Do you have a question about student loans? Leave us a voicemail here or email us at help@studentloanplanner.com and we might feature it in an upcoming show!