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Education can be expensive.  Whether it's a private K-12 school, trade school or higher education, the costs can be challenging.  What costs should you expect; how do I maximize my education savings; and what are my grant and loan options are just a few of the questions that we can help answer.

The Saving on a Valuable Education (SAVE) Plan Offers Lower Monthly Loan Payments

  • The SAVE Plan is an income driven repayment (IDR) plan, so it bases your monthly payment on your income and family size.

  • The SAVE Plan lowers payments for almost all people compared to other IDR plans because your payments are based on a smaller portion of your adjusted gross income (AGI).

  • The SAVE Plan has an interest benefit: If you make your full monthly payment, but it is not enough to cover the accrued monthly interest, the government covers the rest of the interest that accrued that month. This means that the SAVE Plan prevents your balance from growing due to unpaid interest.

  • Beginning in February 2024, the SAVE Plan will give borrowers who originally borrowed $12,000 or less forgiveness after as few as 10 years.

  • More elements of SAVE will go into effect in summer 2024 and will lower payments even more for borrowers with undergraduate loans.

Link to the Federal Student Aid Website, SAVE plan details

12 things student loan borrowers should know about the return to repayment

A look at key issues with the student loan payment pause coming to an end, provided by Oregon Public Broadcasting.

Link to OPB article on the student loan payment startup

Biden’s new student loan plan

Read more about the SAVE PLAN

Voya Blog Link

Student Loan Payment Resume...

The U.S. Department of Education has officially announced that student loan payments will resume in October, ending the three-year-long pause that was implemented due to the pandemic.

Starting September 1, interest will begin accruing on your student loan debt. We understand that this adjustment may have financial implications, considering that around 40 million Americans have educational debt, with the average monthly bill being approximately $350.1

It is important to note that the recent law passed by Congress makes it almost certain payments will resume. Despite ongoing discussions and potential developments, the likelihood of payments being paused again is unlikely.1

We understand that the uncertainty surrounding these matters can be challenging. Rest assured that we are closely monitoring the situation and will provide updates as soon as they become available. In the meantime, please keep an eye on your student loan account details, as exact due dates may vary.

If you have any questions or concerns, please do not hesitate to reach out to us. We are here to support you, and we may be able to provide some guidance through this process.

1. CNBC.com, June 20, 2023. “It’s official: Student loan payments will restart in October, Education Department says.”


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