Borrowers can now apply for new, income-based student loan repayment – Gist It

Borrowers can now apply for new, income-based student loan repayment

The newly announced Saving on a Valuable Education (SAVE) program enables over 20 million student loan borrowers to link their repayments to their income and family size.

Driving the news: The Biden administration unveiled the SAVE program, which calculates monthly payments based on income and family size, and ensures that interest does not inflate as long as the payments are made.
* The program is open to borrowers with federally held loans including direct subsidized, unsubsidized and consolidated loans.
* An estimated one million borrowers will qualify for $0 monthly payments, and the average borrower is expected to save about $1,000 a year.
* Borrowers with Federal Family Education Loans (FFEL) or Perkins Loans held by a commercial lender would need to consolidate that debt into a federal direct loan to qualify.

Implications of the SAVE program: Unlike the cancelled loan forgiveness program, the new SAVE program is designed to provide gradual debt relief.
* The program won’t offer a broad cancellation, but millions of borrowers, including those with higher incomes, will have some of their debt forgiven.
* Previously, borrowers paid back an average of $10,956 for every $10,000 borrowed. Under the new plan, they will pay back just $6,121.

Who does not qualify: Parents who took out a federal loan to help their children pay for college, known as Parent PLUS loans, are not eligible for SAVE but can access other income-driven repayment plans.

How to apply: Borrowers can apply for the SAVE program via studentaid.gov/SAVE.
* The program allows borrowers to opt in to a feature that allows the Education Department to access their tax returns from the Internal Revenue Service for auto-recertification of enrollment each year. This will eliminate the need to continually apply and update information.
* Borrowers are urged to apply early as student loan payments are due to resume in October, with interest starting to accrue in September.

View original article on NPR

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August 22, 2023

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