Federal student loan borrowers can now apply for the SAVE repayment plan—see if you qualify for $0 monthly payments

for federal student loan borrowers. The new income-driven repayment plan replaces the Revised Pay as You Earn plan and aims to give borrowers the most affordable monthly payment.

Borrowers with adjusted gross income at or below that threshold will qualify for $0 monthly payments. That means individuals earning roughly $15 an hour or less will qualify for no monthly payment. Families of four earning $67,500 or less will also owe $0 a month on their loans. If you earn $60,000 or less, see the chart below for your estimated monthly payment based on your income and family size.It sounds too good to be true, but you really do not need to make a payment if you qualify for a $0 minimum payment on the SAVE plan.

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SAVE student loan repayment plan applications available: How to applyThe Biden administration launched a website for federal student loan borrowers to apply for income-driven repayment plans under the administration's SAVE program, which was introduced in early July.
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