SAVE - A New Income Driven Repayment Plan
A new Income Driven Repayment (IDR) plan is now available SAVE (Save A Valuable Education). SAVE is replacing REPAYE with those currently in REPAYE will automatically transition to SAVE. Here are some highlights of the SAVE plan:
Payment is 10% of Adjusted Gross Income (AGI) less an income exclusion
A 25-year repayment period
100% interest subsidy on any interest accrual
Married couples that file separately can exclude spouse's income from the student loan payment calculation
I've created the following video analyzing the SAVE plan. Spending a few minutes watching the video could save you $$$!