Save Plan worth it vs. Standard Plan? : r/StudentLoans - Reddit

Take the difference in payments between the SAVE plan and the Standard Plan and put that money in a savings account. You can use that money to pay off any income tax for any …

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

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As you can see there will be a pivot point where your income increases such that your required payment on SAVE will be higher than the 10-year Standard plan amount of $180/month.

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

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Your understanding is correct. If you go on SAVE and get a $0 payment, which you should based on the info provided (although you likely wouldn't be able to include the children in your family …

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Is The SAVE Plan Worth It If You Have A High Salary?

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I am basically student loan illiterate, and am very confused about this plan. I have $56k in federal student loans, and earn around $150k+ a year... jump to content. my subreddits. edit …

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6 Things You Need To Know About The SAVE Plan Before Student …

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Aug 19, 2023 · 1. Your loan payments could go down -- or even be $0. First, the most notable feature of the SAVE Plan is that it could dramatically reduce borrowers' required monthly …

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

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The SAVE plan offers a lower monthly payment amount because it increases the income exemption from 150% to 225% of the poverty line. The SAVE plan eliminates 100% of …

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SAVE Plan For Student Loan Repayment: Answering Your Key …

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Sep 12, 2023 · The SAVE plan offers the lowest monthly payments of any income-driven repayment plan out there — even triggering a $0-a-month payment for those living on limited …

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SAVE Plan Vs. Standard Repayment Plan : R/StudentLoans - Reddit

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I owe approx. $6000 in student loans. I applied for the SAVE plan and was accepted, but now I am starting to wonder if it would have been better to just stick with the standard repayment …

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Help, Standard Plan Repayment Currently Cheaper Than New SAVE …

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You have around $25.5k worth of student loans jointly and your joint AGI is ~$113k. That's not really a situation where an IDR plan makes sense compared with just aggressively paying the …

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FAQs about Save Plan worth it vs. Standard Plan? : r/StudentLoans - Reddit Coupon?

Is the save plan a good option?

While the SAVE Plan is a good option for most borrowers, it’s not the best option for everyone. If you’re trying to pay your loans off in a shorter period of time or if you’re aiming to pay only a certain amount over time, then the SAVE Plan may not align with your repayment goals. ...

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. ...

Is save a good plan for student loans?

Plus, borrowers won’t have to worry about their loan balance growing due to unpaid interest charges on SAVE. As you get back into the swing of paying your student loans after a three-and-a-half year hiatus, the SAVE plan may be your best bet for income-driven repayment. ...

What is the save plan?

The SAVE Plan is set to roll out later this year, and it's the most generous income-driven repayment plan yet -- by far. In addition to lowering the required loan payments for borrowers, the plan makes several other changes. The SAVE Plan could even result in your loans being forgiven faster. ...

What are the benefits of the save plan?

The SAVE plan has a number of potential benefits for borrowers. Starting in July 2024, the SAVE plan could slash monthly payments in half for borrowers with undergraduate student loans. Your payment amount will be 5% of your discretionary income for undergraduate loans, 10% for graduate loans, and a weighted average for a mix of both. ...

How much does a save plan cost?

Let's say you have $50k in loans at 6% interest. That's about $8.51/day, or $250/mo in interest accrual (actual numbers are a little different due to changing month length and moving weekends but whatever). If your AGI (adjusted gross income) is $30k/yr, then your SAVE plan minimum is $0/mo. ...