People who enroll in SAVE this year, or who were already enrolled in REPAYE, can expect to see these:: This also means your spouse doesn’t need to co-sign on your income-driven repayment plan application.: This means single borrowers in the lower 48 states who earn $32,800 or less or a family of four earning $67,500 or less will have $0 monthly student loan payments.
That last point is an attempt to target a common complaint about student loans: Ballooning interest can make it hard for people to ever make a dent in the principal balance.Those parts of the plan will be useful for many households, but borrowers who enroll in SAVE won’t see the bulk of the plans benefits until July 2024:
The SAVE plan will cut undergraduate student loan payments in half from 10% to 5% of discretionary income.