Who typically benefits most from the SAVE plan of Student loan?
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Answered on October 02,2023
People with low incomes compared to their student loan balance. Also, people whose income is close to the 225% of the federal poverty line, also can benefit from the SAVE plan. If someone has a family size of 6 and a joint income of $70000 and loan balance of $30,000, they can still benefit since their monthly payment would be $0 because of the large family size, despite their income being greater than their debt amount.
Guide
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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