Who typically benefits most from the SAVE plan of Student loan?
Abbey Johnson, Helping with Student Loan Documentation
Answered on October 02,2023
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