JACKSONVILLE, Fla. – Millions of student loan borrowers could see some relief under a new forgiveness plan.
The Biden Administration’s “SAVE” program is an income-driven repayment plan, and 20 million borrowers could benefit from the plan.
The years-long pandemic pause on student loan payments resumes in October. But if you apply early enough – you might not have to make a payment this fall.
Borrowers could cut their monthly payments in half or even have monthly payments of $0.
Starting this summer, if you’re making $32,800 per year or less, roughly $15 per hour or less, you will qualify for $0 payments. Those who earn more could see their payments reduced by at least $1,000 per year compared to other IDR plans, according to the Education Department.
It only takes ten minutes to complete an application on studentaid.gov. Here’s what you need to apply:
- A verified FSA ID
- Your financial information
- Your personal information
- Your spouse’s information, if applicable
We want to know: How much are your monthly student loan payments? Will this program benefit you?