The Saving on a Valuable Education, or SAVE plan, officially launched recently. This income-driven repayment (IDR) option for federal student loan borrowers is designed to be the most generous repayment plan to date, and an estimated 20 million student loan borrowers could benefit from it.

Here's a rundown of the four main goals of the plan, and what you might need to do to make sure you can take advantage of it.

This is the most important takeaway for most federal student loan borrowers. The SAVE plan is designed to reduce the monthly payments that borrowers are required to make on their student loans, and it does this in two main ways:

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Source Fool.com