Saving on a Valuable Education (SAVE) Plan
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The Saving on a Valuable Education (SAVE) Plan is a U.S. federal income-driven student loan repayment program that bases monthly payments on a borrower’s income and family size and offers eventual loan forgiveness after a set number of qualifying years.
Statements (48)
| Predicate | Object |
|---|---|
| instanceOf |
U.S. federal student loan repayment plan
ⓘ
income-driven repayment plan ⓘ |
| administeredBy |
Federal Student Aid
NERFINISHED
ⓘ
U.S. Department of Education NERFINISHED ⓘ |
| appliesTo |
Direct Loans
NERFINISHED
ⓘ
federal student loans ⓘ |
| benefit |
can lead to cancellation of remaining balance after qualifying years
ⓘ
can reduce required monthly payment to $0 for some borrowers ⓘ |
| country |
United States of America
ⓘ
surface form:
United States
|
| dataUsed |
adjusted gross income
ⓘ
household size ⓘ poverty guideline thresholds ⓘ |
| documentation | Federal Student Aid guidance on SAVE Plan ⓘ |
| eligibilityCriterion |
borrower must have eligible federal student loans
ⓘ
borrower must provide family size information ⓘ borrower must provide income information ⓘ |
| feature |
caps monthly payments as a share of discretionary income
ⓘ
is an income-driven repayment (IDR) plan ⓘ offers eventual loan forgiveness ⓘ protects a portion of income for basic needs ⓘ requires annual income recertification ⓘ requires qualifying repayment period for forgiveness ⓘ |
| forgivenessCondition | requires a set number of qualifying years of repayment ⓘ |
| forgivenessType | remaining balance forgiven after qualifying period ⓘ |
| fullName | Saving on a Valuable Education Plan NERFINISHED ⓘ |
| goal |
make student loan payments more affordable
ⓘ
provide a path to loan forgiveness ⓘ |
| hasAcronym | SAVE Plan NERFINISHED ⓘ |
| introducedBy | Biden administration NERFINISHED ⓘ |
| jurisdiction |
United States government
ⓘ
surface form:
federal government of the United States
|
| language | English ⓘ |
| legalNature | federal regulatory program ⓘ |
| partOf | federal income-driven repayment (IDR) program portfolio ⓘ |
| paymentBasis |
borrower’s family size
ⓘ
borrower’s income ⓘ |
| paymentType | monthly payments ⓘ |
| policyArea | student loan policy ⓘ |
| regulates | amount of monthly student loan payments ⓘ |
| relatedTo |
Income-Based Repayment (IBR) Plan
NERFINISHED
ⓘ
Income-Contingent Repayment (ICR) Plan NERFINISHED ⓘ Pay As You Earn (PAYE) Plan NERFINISHED ⓘ |
| replaces | Revised Pay As You Earn (REPAYE) Plan NERFINISHED ⓘ |
| requires | application through Federal Student Aid or loan servicer ⓘ |
| sector | higher education finance ⓘ |
| startDate | 2023 ⓘ |
| targetGroup |
low- and middle-income borrowers
ⓘ
student loan borrowers ⓘ |
| website | https://studentaid.gov/idr ⓘ |
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.