But early in 2024, the plan was met with legal challenges and put on hold.
The new formula for monthly payments under SAVE would have extended that reality to millions more.
With SAVE’s likely demise, borrowers already in SAVE stand to see increases in their monthly payments.
put in your information into theloan simulatorto get a personalized payment estimate and see additional plans.
Without SAVE, you might not qualify for an income-driven repayment plan at all, Rubin noted.
Payments under all income-driven plans are based on your income and family size.
Normally, you must recertify that information with your servicer each year to remain enrolled in your plan.
However, income recertification for IDRs has been on hold since the start of the pandemic.
Depending on your income and family size, that could mean fitting a sizable bill into your monthly budget.
To prepare for that, Rubin recommends:
