Saving on a Valuable Education (SAVE) Plan - The New Income-Driven Repayment Plan

Update: On July 18, 2024, a Federal Court issued a stay preventing the Department of Education from operating the Saving on a Valuable Education (SAVE) Plan. We are assessing the ruling and will be in touch directly with borrowers about how this will affect them.

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The Saving on a Valuable Education (SAVE) Plan is the newest income-driven repayment (IDR) plan. Like other IDR plans, the SAVE Plan calculates your monthly payment amount based on your income and family size. In addition, the SAVE Plan has unique benefits that will lower payments for many borrowers.

00:00 - Intro
00:46 - Lower payments with the SAVE Plan
01:29 - How are loan payments applied?
01:41 - Interest subsidy for repayment
02:20 - Interest subsidy for a $0 monthly payment
02:38 - Interest subsidy example
03:04 - Benefits coming in 2024

Watch the full playlist: Student Loan Repayment

Learn more about the SAVE Plan at https://StudentAid.gov/save

Use our Loan Simulator to find out if the SAVE Plan is right for you:  
https://StudentAid.gov/loan-simulator

To apply for the SAVE Plan, complete an income-driven repayment (IDR) plan application at https://StudentAid.gov/idr

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