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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?
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?
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Abbey Johnson, Helping with Student Loan DocumentationAnswered on October 02,2023
No, the calculation should be the same (student loan servicer's may make errors here so check their math).
However, the split of the payment will be based on loan balance. If my spouse's and my joint SAVE payment is $1000 and my loan balance is $240,000 and her loan balance is $1000, 240,000/250,000 or 96% of the $1000 payment is allocated to me and 4% is allocated to my spouse. My payment would be $960 and her payment would be $40.
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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
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