Student Loan Update: SAVE Program

In 2023, the Biden administration established new regulations under the SAVE plan - a novel IDR plan designed to be more affordable than other options - that will still allow certain periods of deferment and forbearance to count toward loan forgiveness, even after the account adjustment ends. More specifically, borrowers with certain federal student loans needed to consolidate their loans via the federal Direct loan program to become eligible. Otherwise, they would not be included in the adjustments and miss out on receiving additional credit toward forgiveness as a result.
· IMPORTANT UPDATE: This deadline has been extended by the Department of Education (ED). Borrowers now have until April 30, 2024, to take any necessary steps to qualify.
Our favorite student loan Gurus from Savi will join us to talk about the program and explain the steps needed to take advantage of the opportunity.