The SAVE plan is touted as the most affordable student loan repayment option—how to know if it’s right for you
“The Biden administration has touted the new Saving on a Valuable Education repayment plan as the ‘most affordable repayment plan ever,’ boasting that it can cut federal student loan borrowers’ payments in half and save them thousands of dollars a year. The Department of Education recently opened applications for the SAVE plan ahead of the expiration of the pandemic moratorium on payments and interest in September. When borrowers begin making payments again — or for the first time ever — in October, many could have a lower, or even no monthly payment, on the SAVE plan.”