How can I make sure my student loan repayment years count towards forgiveness with an undergrad FFELP consolidation loan and multiple grad school loans? I'm close to the 25-year requirement, but my income may be too high for IDR plans. Should I consider the SAVE plan for higher payments?
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Answered on October 07,2023
Take the federal poverty level for your family size and multiply it by 2.25. Take whatever number you get and subtract that from your AGI (AGI-225%FPL) and that is your discretionary income.
SAVE is currently 10% of that number so multiply that number by .1 and then divide by 12 for a monthly payment. That will tell you your payment on SAVE. (After July next year it should be slightly less than 10% for you).
You would need to be on an IDR plan going forward; PAYE and IBR require partial financial hardship, SAVE and ICR do not. So you could run your own numbers to see if it feels worthwhile.
Ultimate Guide on SAVE Plan - Payment Calculation, Interest, Forgiveness
Under the Saving on a Valuable Education (SAVE) plan, a single borrower who makes less than $15 an hour will not have to make any payments. Borrowers earning above that amount would save mor..  Click here to get a detailed guide