The Saving on a Valuable Education (SAVE) Plan is the U.S. Department of Education’s most affordable income-driven repayment plan ever.
The SAVE Plan bases your monthly payment on your income and family size — meaning you won’t pay more than you can afford. Once you reach the end of your repayment term, the remainder of your balance is forgiven.
Under the SAVE Plan, millions of borrowers are eligible for $0 monthly payments. Others will save at least $1,000 per year and will no longer see their balances grow due to unpaid interest.
Is SAVE the right plan for me?
Answer five easy questions to see if you can save money on your student loans.
Before you start:
- Private loans are not eligible for SAVE – but there may be other lower-cost repayment plans that work for you! Contact your lender to find out more.
- Parent Plus Loans are not eligible for SAVE – If you have only Parent Plus Loans, head to studentaid.gov/loan-simulator to learn more about the other repayment options available to you. However, if you have other federal student loans too, they may be eligible for SAVE.
- SAVE is an income-driven repayment program that provides loan forgiveness once you reach the end of your repayment term. If you are interested in learning more about all current options for loan forgiveness, head to studentaid.gov/forgiveness to learn more.
Take 60 seconds to answer 4 questions and see if SAVE is the right plan for you.
Get Help Navigating Student Loans
Need more help with your student loans? Borrowers can sign up for free in-person student debt clinics, virtual webinars, and other events to help them get hands-on support, understand student loan repayment options, and save money.
