A new student loan repayment plan can halve your monthly student loan payments (if you qualify). The new Saving on a Valuable 教育 (SAVE) Plan is the latest income-driven repayment (IDR) plan. It calculates your monthly payment amount based on your income and family size. Many will benefit from the SAVE plan with lower, or even no monthly payment. In this blog, we explore everything that you need to know about the SAVE repayment plan.
什么是储蓄还款计划?
The Saving on a Valuable 教育 (SAVE) calculates payments based on a borrower’s income and family size. 它没有考虑学生贷款的数额. Many borrowers will be able to cut their monthly payments to zero, 而其他人将能够节省大约1美元,1万美元一年. 除了, 它将防止余额因未付利息而增加, 让更多的借款人更快得到宽恕.
SAVE下有什么变化?
- 降低每月学生贷款支付. Student loan payments for undergraduate loans are reduced from 10% to 5% of discretionary income. Your monthly repayment will average between 5% and 10% of your discretionary income if you hold both undergrad and graduate student loans.
- 你更多的收入是免税的. The SAVE Plan significantly decreases monthly payments by increasing the income exemption from 150% to 225% of the poverty line. This may significantly reduce your monthly payment compared to other IDR plans.
- The plan eliminates 100% of the remaining interest for both subsidized and unsubsidized loans after a scheduled payment is made. 这意味着如果你按月付款, 你的贷款余额不会因为未付利息而增加.
- Spousal income is excluded for borrowers who are married and file separately. This means that your spouse will no longer need to cosign your IDR应用程序.
我何时可以申请储蓄计划?
You can now enroll in the new SAVE Plan through the updated IDR应用程序. 如果您参加了REPAYE计划或最近申请, 没有必要重新申请或要求更改您的计划. 您将自动加入SAVE计划.
怎样申请储蓄计划?
您可以通过网站申请SAVE计划 IDR应用程序.
如果我已经在使用IDR计划呢?
如果你已经有IDR计划，请登录StudentAid.州长，去你的 我的援助页面, scroll down, and view your loans and which loan repayment plan you have. 如果你参加了REPAYE计划, you don’t need to do anything as you will be automatically enrolled in the SAVE Plan. If you have a different repayment plan, you can enroll in the SAVE plan through your account
我每个月要付多少钱?
The SAVE plan monthly payments are calculated based on your income and family size. If you make $32,800 per year or less, your monthly payment will be $0. 如果你的收入高于这个标准, 你至少可以省下1美元,与其他IDR计划相比.
如果你35岁, 有150美元,000美元的学生贷款, 为政府工作, 你可以通过加入save来省钱. 如果你参加了10年标准付款, your monthly payment can potentially go down by several hundred dollars. 如果你目前注册了按收入支付或还款计划, your monthly payment can potentially go down by roughly a hundred dollars. 未付利息不会被计入你的学生贷款余额. And if you enroll in the Public Service Loan Forgiveness program, you can have your entire federal student loans forgiven after working for the government for 10 years!
储蓄还款计划的优缺点是什么?
优点
- Affordable monthly payments: Payments on the SAVE plan are capped at 10% of your discretionary income. 从2024年夏天开始, the payments for undergraduate loans will be capped at 5% of your discretionary income.
- 付款甚至可能是0美元:你可以赚到32美元,800美元(或最高67美元),500 for a family of four) without paying anything toward your loans on the SAVE Plan.
- There is no capitalized interest: There are no additional interest charges after you’ve met your monthly payment. 例如, 如果你的贷款一个月累积了70美元的利息, 但您的付款只有40美元, 您不会被收取额外的30美元.
- 在短短10年内宽恕:从2024年开始, 本金贷款余额为12美元的,000 or less can have their remaining balances forgiven after just 10 years of payments on the SAVE plan.
- There is no spousal signature required: Your spouse no longer needs to co-sign your IDR应用程序.
缺点
- 如果你的收入改变了, your payments will also change: The SAVE plan is an income-driven repayment plan. Therefore the higher your income, the more you will pay each month. You also have to recertify your income every year to stay on the SAVE plan.
- Borrowers with mid-level balances won’t benefit as much: Your monthly payment on the SAVE plan is income-driven, whereas your monthly payment on the standard repayment plan is balance-driven. Therefore if your loan balance is high and your income is high your payments may be higher on the SAVE plan. Every situation is different so it’s a good idea to consult your financial advisor.
- Not available for parent PLUS borrowers: IDR plans are not available to parents who took out loans on behalf of their children.
SAVE计划比REPAYE计划好吗?
The SAVE Plan replaced the Revised Pay As You Earn (REPAYE) Plan. Those who are on the REPAYE Plan will automatically be enrolled in the new SAVE Plan.
在2023年加入SAVE计划
在决定还款计划之前, it’s essential to evaluate your financial situation and consider your long-term goals thoroughly. 和其他联邦学生贷款偿还方式一样, the SAVE Repayment Plan is a tool designed to make the path to financial freedom more manageable. Understanding your options and choosing the one that best suits your circumstances is a crucial step toward achieving your financial goals.
