The Department of Education on Monday released a beta form application for the new Saving on a Valuable Education repayment plan for federal student loan borrowers. The new income-driven repayment plan replaces the Revised Pay as You Earn plan and aims to give borrowers the most affordable monthly payment.
Like REPAYE, the SAVE plan caps monthly payments at a percentage of your discretionary income, currently 10%. Beginning next summer, payments under the SAVE plan will be 5% of your discretionary income, which is the amount of money you earn above 225% of the federal poverty line, about $32,800 a year for individuals in 2023.
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