Millions of Americans are tackling their debts for the first time in years, but they now have more repayment options available than ever before.
One of the most prominent options is President Biden’s initiative — the Saving on a Valuable Education plan, also known as SAVE — which links monthly payments to both earnings and family size. According to the White House, this plan has the potential to reduce the typical borrower’s annual payments by $1,000 by adjusting the income considered when calculating monthly bills. Additionally, some participants in the program may have their outstanding balances forgiven.
Curious about how it operates? Below are some key details to help you assess whether SAVE aligns with your needs.
Important Considerations
Display all inquiries