How SAVE Changed Income-Driven Repayment: Goodbye to REPAYE, PAYE, IBR, and ICR
The newly announced SAVE plan will eliminate or change most of the income-driven repayment plans currently available.
The newly announced SAVE plan will eliminate or change most of the income-driven repayment plans currently available.
Borrowers on SAVE will soon have political and legal protections that should keep the repayment plan available for many years to come.
When picking a student loan refinance solution, it is essential to think about your other financial goals. Opting for a flexible choice is often the safest bet.
The best federal student loan repayment plan for mortgage applications is usually — but not always — the one with the lowest monthly payment.
For graduate borrowers, SAVE isn’t always the best student loan repayment plan. Some people might be better off with quicker forgiveness on PAYE or IBR.
There are many different federal repayment plans and each option comes with unique advantages and disadvantages.
The newest federal repayment plan makes refinancing a bit more risky for borrowers.
Automated yearly income certification will save IDR borrowers money and prevent mistakes with deadlines and timing issues.
Sticking to old assumuptions and strategies could mean that borrowers miss out on new opportunities to save money on federal student debt.