The Biden administration has touted the new Saving on a Valuable Education repayment plan as the “most affordable repayment plan ever,” boasting that it can cut federal student loan borrowers’ payments in half and save them thousands of dollars a year.
The Department of Education recently opened applications for the SAVE plan ahead of the expiration of the pandemic moratorium on payments and interest in September. When borrowers begin making payments again or for the first time ever in October, many could have a lower, or even no monthly payment, on the SAVE plan.
But the SAVE plan may not be the best option for you. Depending on your repayment goals and income, you might be better off sticking to the standard repayment plan or an…
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