Federal Student Aid (SAVE Plan): Who Qualifies and What You Get
Learn how the SAVE Plan offers income-driven repayment options for those with federal student loans in the United States.
The SAVE Plan is a way for people with federal student loans to manage their debt through repayment options based on how much they earn.
Who it's for
This plan is available to borrowers who have federal student loans.
What you get
You gain access to income-driven repayment options, which means your monthly loan payments are adjusted based on your income levels.
What it costs you
While the plan itself is a method of repayment, it requires you to complete an income recertification every year to keep your eligibility.
The catch to know
If you fail to recertify your income on an annual basis, your payments may jump significantly to the standard repayment amount.
How to apply
- Visit the official student aid website.
- Log in to your account to review your current loan details.
- Follow the prompts to select the income-driven repayment option that fits your situation.
- Set up a schedule for your annual income updates to avoid payment increases.