1 Million People Will Qualify for a $0 Student Loan Payment in 2024 -- Are You One of Them?
The SAVE Plan is intended to be the most accommodative income-driven student loan repayment plan to date, reducing monthly payments for virtually all borrowers. It will accomplish this goal by making two big changes compared to other income-driven repayment (IDR) plans.
First, the SAVE Plan is lowering the maximum required payment on undergraduate student loans to just 5% of the borrower's discretionary income. This is a big change from the 10% figure most existing IDR plans use. Payments for graduate school loans remain at 10% of discretionary income, but borrowers with both types will have payments based on a weighted average (between 5% and 10%).
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Source Fool.com
