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The SAVE Plan

Marie Deary

Aug 23, 2023

Calling all student loan borrowers!

The Biden-⁠Harris Administration launched the Saving on A Valuable Education (SAVE) Plan on August 22, 2023. The SAVE Plan is the most affordable repayment plan ever created, and it will save millions of student loan borrowers money on their monthly payments.

The SAVE Plan has the following features:

  • Cut payments on undergraduate loans in half.

  • Ensures that borrowers never see their balance grow because of unpaid interest.

  • Protects more of a borrower's income for basic needs.

  • A single borrower who makes less than $15 an hour will not have to make any payments.

  • Borrowers earning above that amount will save more than $1,000 a year on their payments compared to other IDR plans.

The SAVE Plan is available to all federal student loan borrowers, regardless of their income or debt. Borrowers can enroll in the SAVE Plan through the Federal Student Aid website.

The SAVE Plan is a major step forward in the Biden-⁠Harris Administration's efforts to make college more affordable and support student loan borrowers. The plan will help millions of borrowers save money on their monthly payments and get closer to paying off their debt.

Here are some of the benefits of the SAVE Plan:

It is the most affordable repayment plan ever created.

  • It can save borrowers thousands of dollars a year on their monthly payments.

  • It protects borrowers from seeing their balance grow because of unpaid interest.

  • It is available to all federal student loan borrowers.

If you are a federal student loan borrower, I encourage you to learn more about the SAVE Plan and consider enrolling. It could save you a lot of money on your monthly payments.

To enroll in the SAVE Plan, you can follow these steps:

1.  Go to the Federal Student Aid website (

2.  Sign in to your account.

3.  Click on the "Repayment Plans" tab.

4.  Select the "Saving on a Valuable Education (SAVE) Plan".

5.  Follow the instructions to complete the application.

The application process is typically completed within 10 minutes. Once you have submitted your application, you will be able to see your new payment amount before it takes effect.

If you are currently enrolled in the Revised Pay as You Earn (REPAYE) plan, you will be automatically enrolled in the SAVE Plan. You do not need to take any action to make this happen.

If you are not currently enrolled in an income-driven repayment plan, you can still enroll in the SAVE Plan. However, you may need to provide additional information, such as your income and family size.

The SAVE Plan is a great way to save money on your student loan payments. If you are eligible, I encourage you to enroll.

Here are some additional things to keep in mind when enrolling in the SAVE Plan:

  • You must have federal student loans to be eligible for the SAVE Plan.

  • You must be repaying your loans under a standard repayment plan or an income-driven repayment plan.

  • Your income must be below a certain level to qualify for the lowest payment amount.

  • You must make your payments on time and in full to avoid defaulting on your loans.

If you have any questions about the SAVE Plan, you can contact the Federal Student Aid office at

1-800-4-FED-AID (1-800-433-3243).

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