The “Saving on a Valuable Education,” or SAVE plan, announced in August 2023, is not just for civilians. Service members, family members and civil servants alike can also benefit from the program to help reduce or even eliminate student loan debt.
The SAVE plan, managed by the Department of Education, is an income-driven repayment plan that calculates payments based on a borrower’s income and family size not their loan balance and forgives remaining balances after a certain number of years.
The SAVE plan will cut monthly payments for many borrowers to zero, will save other borrowers around $1,000 per year, will prevent balances from growing because of unpaid interest and will get more borrowers closer to forgiveness faster.
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