How is my SAVE payment calculated if I have a mix of undergrad and grad loans after July 2024?

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• 
  Abbey Johnson
  

  Helping with Student Loan Documentation .
  Should I consider consolidating my federal student loans, which have varying interest rates ranging from 2.5% to 5.05%, now that the grace period is ending and interest rates are starting up again? I've also heard about different repayment plans on FAFSA, like the SAVE plan, but I'm not sure how they work. What would be the best approach for paying off my total student loan debt of $60,000, with $30,000 each from Federal and Private, considering my private loan interest rate is 5.64%?
  FAFSA is the Free Application for Federal Student Aid and it is the thing you fill out to get ...
  
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• 
  Abbey Johnson
  

  Helping with Student Loan Documentation .
  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?
   Take the federal poverty level for your family size and multiply it by 2.25. Take whatever number you get ...
  
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• 
  Abbey Johnson
  

  Helping with Student Loan Documentation .
  Why does the loan consolidation for my $98,000 in graduate loans under SAVE result in a total payment of $198,000 over 25 years, doubling the loan amount, despite my understanding that interest would be waived? Is there something I'm overlooking compared to PAYE and IBR plans, which calculate a total payment of $167,000?
  98000 at an example 6% interest, accrues approximately $490 a month in interest. If you pay $436, they waive ...
  
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• 
  Abbey Johnson
  

  Helping with Student Loan Documentation .
  How to calculate SAVE Plan payment for Student Loan?
  For anyone having trouble calculating their estimated SAVE plan payment. Monthly SAVE plan payment equals: (AGI - (2.25*PL)) X (0.1/12) If you ...
  
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• 
  Abbey Johnson
  

  Helping with Student Loan Documentation .
  If my student loan repayment is $0 a month on the SAVE plan, am I still gonna get charged interest even if I’m following the “rules” of my plan and not paying anything?
  Interest resumed effective Sept. 1, 2023. Under the SAVE Plan, if you qualify for a $0 payment, interest is ...
  
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• 
  Abbey Johnson
  

  Helping with Student Loan Documentation .
  Why is my spouse’s income taken into consideration for SAVE Plan of Student loan? These are my loans, not hers.
  The government considers you one entity for tax purposes and you get the benefits of such from a tax ...
  
  1 0 0
• 
  Abbey Johnson
  

  Helping with Student Loan Documentation .
  What if my spouse and I both have loans, would we pay 20% of our discretionary income instead of 10% for SAVE Plan of Student loan?
  No, the calculation should be the same (student loan servicer's may make errors here so check their math). However, the ...
  
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• 
  Abbey Johnson
  

  Helping with Student Loan Documentation .
  Why doesn’t the government take into account my high cost of living area or other debts in my monthly SAVE payment of Student loan?
  You chose to live in a high cost of living area and the government isn’t in the business of ...
  
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• 
  Abbey Johnson
  

  Helping with Student Loan Documentation .
  Are there any tricks with the SAVE plan to optimize repayment of Student loan?
  There’s a trick utilizing money market accounts and high yield savings accounts when you’re receiving an interest to optimize ...
  
  1 0 2
• 
  Abbey Johnson
  

  Helping with Student Loan Documentation .
  Do I still need to “make a payment” if my payment is $0 thanks to SAVE student loan plan?
  No, you don’t need to do anything.Set autopay to 0.
  
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• 
  Abbey Johnson
  

  Helping with Student Loan Documentation .
  Does the SAVE plan include loan forgiveness after a certain number of payments, similar to the IBR plan, or is it different in this regard? I'm trying to decide which plan to choose.
  IBR has forgiveness after 20 or 25 years worth of repayment, depending on if you're on IBR for old ...
  
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• 
  Abbey Johnson
  

  Helping with Student Loan Documentation .
  If I want to pay off my student loans in full, including both the principal and any accrued interest, do I need to contact Nelnet, or can I simply make a payment for the full posted balance to clear the loans?
  On the Nelnet website at the top there is a gray bar. One option says payments. Click on it and ...
  
  1 0 0
• 
  Abbey Johnson
  

  Helping with Student Loan Documentation .
  Would my student loans go down if I pay extra above the SAVE payment amount? Would the extra money in payment go directly to the principal?
  Yes, the extra payments would go toward principal.
  
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