SAVE was designed to decrease most borrowers’ payments on federal undergraduate loans in good standing.
STATEN ISLAND, N.Y. -- President Joe Biden’s new student loan forgiveness backup plan, called SAVE, was designed to decrease most borrowers’ payments on federal undergraduate loans in good standing.
A pause on payments for people who make less than 225% of the federal poverty level. This means you will not owe loan payments if you are a single borrower earning $32,800 or less or a family of four earning $67,500 or less in 2023. Forgive loan balances after 10 years of payments, instead of 20 years, for borrowers with original loan balances of $12,000 or less. It’s estimated that this will allow nearly all community college borrowers to be debt-free within 10 years.
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