08/02/2023
Navigating the world of student loans as a young adult can be daunting especially with the ever changing federal loan environment, but it doesn't have to be overwhelming and you don't need to do it alone.
Below is an article regarding the recent Saving on a Valuable Education (SAVE) Plan that was finalized this past month. A couple of my takeaways:
- Income level exemption increased from 150% to 225% of the Federal Poverty Line.
- Instead of paying 10% of the borrowers discretionary income, which is the borrower's income net taxes and living expenses, it could be cut in half dependent on the nature of the loan.
- If required monthly payment is met, the balance won't grow due to unpaid interest.
- Some features won't be available to some borrowers until 2024.
This program may or not fit your student loan payoff strategy dependent on your federal loan balance, income, marital/tax-filing status, etc.
If you aren't sure if this fits into your current plan or don't have a strategy reach out for more guidance and get started today!
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