Matt Mulcock, CFP®, Taylor Sutterfield, MAcc, CFP®, and Rabih Dimachki, CFA discuss SAVE, the newly announced income-driven repayment (IDR) option for student loans.
The Saving on a Valuable Education (SAVE) Plan replaces the existing Revised Pay As You Earn (REPAYE) Plan. Borrowers on the REPAYE Plan will automatically get the benefits of the new SAVE Plan.
The SAVE Plan calculates your monthly payment amount based on your income and family size. The SAVE Plan provides the lowest monthly payments of any IDR plan available to nearly all student borrowers.
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