To Save $1,000 Per Year On Student Loan Payments, Do This, Says Education Department

SAVE’s features include an expanded poverty exemption, which will increase the income threshold before borrowers are required to make a payment. The plan also will have a more favorable formula for most borrowers, resulting in lower monthly student loan payments. And the plan will waive excess interest accrual, protecting borrowers from the runaway balance growth that has been a hallmark of the IDR system for years.Not all borrowers will need to take action to qualify for SAVE.

Borrowers who are already in REPAYE may still want to update their income information on file with the Department of Education, however, if their financial circumstances have deteriorated since their last application. Borrowers can request a recalculation of their IDR payments under any IDR plan by submitting a request toOnly borrowers currently enrolled in REPAYE will be automatically converted to the SAVE plan.

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