Student loan repayment resumes October 1, 2023, with loan interest accrual beginning September 1, 2023.

Apply for the new SAVE Repayment Plan.

The Saving on a Valuable Education (SAVE) Plan, like other income-driven repayment (IDR) plans, calculates your monthly payment amount based on your income and family size. The SAVE Plan provides the lowest monthly payments of any IDR plan available to nearly all student borrowers, along with these new, additional benefits:

  • Significantly decreases monthly payments by increasing the income exemption from 150% to 225% of the poverty line- Monthly payment amount will be 10% of discretionary income, recalculated each year and based on borrowers’ updated income and family size.
  • Eliminates 100% of remaining interest for both subsidized and unsubsidized loans after a scheduled payment is made- By making your monthly payment, your loan balance won’t grow due to unpaid interest
  • Excludes spousal income for borrowers who are married and file separately- removes the need for your spouse to cosign your IDR application.

With more benefits to go into effect in July 2024

SAVE plan FAQs

Eligible Loans

  • Direct Subsidized and Unsubsidized Loans
  • Direct PLUS Loans made to students
  • Direct Consolidation Loans that do not include PLUS loans (Direct or FFEL) made to parents

**The SAVE Plan replaced the Revised Pay As You Earn (REPAYE) Plan. Borrowers on the REPAYE Plan automatically get the benefits of the new SAVE Plan.