Here’s what to know.
SAVE replaces the Revised Pay As You Earn Repayment Plan income-driven repayment plan and makes some key changes. They include: Borrowers won't be charged with unpaid monthly interest, so balances won't grow if they make their payments — even if the monthly payment is $0 because their income is low. The application process takes approximately 10 minutes to complete, according to the Education Department.
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