SAVE Plan not worth it vs. Standard repayment? : r/StudentLoans

SAVE PLAN with lower salary (will only last until next income update submitted) $0 monthly payments (for now) SAVE PLAN with current 54k salary. $177 (first) to $311 (last) monthly payments. $20,847 total will be paid. pay off by Jan 2031. forgiveness amount $0. Standard …

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SAVE Plan Not Worth It Vs. Standard Repayment? : R/StudentLoans

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reddit.com

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Save Plan Worth It Vs. Standard Plan? : R/StudentLoans - Reddit

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Right now my income is 56K. SAVE PLAN with current 56k salary. $143 monthly payments. $51,194 total will be paid. pay off by Aug 2043. forgiveness amount $20,563. Standard …

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What’s The Catch With The SAVE Plan? : R/StudentLoans - Reddit

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Reply reply. alh9h. •. The SAVE Plan eliminates 100% of remaining monthly interest for both subsidized and unsubsidized loans after you make a scheduled payment. This means that if …

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SAVE Repayment Plan For Student Loans: Pros, Cons, And More

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Oct 16, 2023 · While other income-driven repayment plans use 100% to 150% of the poverty guideline, the SAVE plan uses 225%. That means more of your income is exempt, so you …

savingforcollege.com

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Advice Needed For SAVE Vs Standard Repayment Plan : …

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Standard Repayment is $281 / mo for 20 years with 0 forgiven. Studentaid.gov calculator shows $214-271 / mo under SAVE for 20 years with ~$21k forgiven. We have very straightforward …

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SAVE Plan For Student Loan Repayment: Answering Your Key …

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Sep 12, 2023 · On June 30, the U.S. Supreme Court blocked Biden's plan to forgive up to $10,000 in student loans for many borrowers and up to $20,000 in student loans for borrowers …

usatoday.com

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SAVE Vs Standard Repayment : R/StudentLoans - Reddit

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With my most recent tax info, I'd be making payments of about $436 on the SAVE plan vs $1556 on the standard repayment plan. I really do not know which is the best option here. Right now …

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Saving On A Valuable Education (SAVE) Plan (formerly The REPAYE …

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The SAVE plan differs from other IDR plans in several ways, including: The SAVE plan offers a lower monthly payment amount because it increases the income exemption from 150% to …

studentaid.gov

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Why Not Go With The SAVE Plan? : R/StudentLoans - Reddit

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If your AGI (adjusted gross income) is $30k/yr, then your SAVE plan minimum is $0/mo. Then your loan will accrue $250 in interest, you pay $0, the government subsidizes the remaining …

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Help, Standard Plan Repayment Currently Cheaper Than New SAVE …

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We are currently on the standard repayment plan and will pay about $200 and $130 respectively for a total of $330 towards our loans when payments restart. The SAVE plan based on our …

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FAQs about SAVE Plan not worth it vs. Standard repayment? : r/StudentLoans Coupon?

Does the save plan give you a lower monthly payment?

The SAVE Plan doesn’t always give you a lower monthly payment amount. In some cases, if you have a higher income, you might have a lower monthly payment amount on the Standard Repayment Plan. Your total principal balance, income level, and loan type will determine whether the SAVE Plan is your best option. ...

What is the difference between save & other income-driven repayment plans?

While other income-driven repayment plans use 100% to 150% of the poverty guideline, the SAVE plan uses 225%. That means more of your income is exempt, so you should have lower monthly payments as a result. On SAVE, a single borrower who earns $32,800 or less or a family of four earning $67,500 or less will have payments of $0 in most states. ...

How does the save plan work?

The SAVE Plan eliminates 100% of remaining monthly interest for both subsidized and unsubsidized loans after you make a scheduled payment. This means that if you make your monthly payment, your loan balance won’t grow due to unpaid interest that accrued since your last payment. ...

Is the save plan worth it?

The SAVE Plan may be worth it if you're unemployed or have a low income, as it could lower your monthly payments. However, if you have a higher income, you might end up paying more over time compared to the standard 10-year repayment plan. ...

Do you pay interest on the save plan?

More than half of those borrowers are eligible for $0 monthly payments. Despite the advantages of this plan, one of the many misconceptions about it is that it’s the best IDR option for all borrowers. Keep reading to discover other common myths around this new income-driven repayment option. Myth: You don't pay interest on the SAVE plan. ...

Is save a good student loan repayment plan?

While the SAVE plan is the most affordable income-driven student loan repayment plan yet, it still has some potential downsides to be aware of. Parent loans, such as Parent PLUS loans and FFEL PLUS loans made to parents, are not eligible for SAVE. ...