The new Saving on a Valuable Education, or SAVE Plan, will cut down the amount borrowers have to make on monthly payments by half — to just 5% of their disposable income, down from 10%. This new SAVE plan will replace the existing Revised Pay As You Earn, or REPAYE, plan and "will go into effect this summer," according to the U.S. Department of Education's website.
The department will also give borrowers a bit of a break if they can't make loan payments in the first year by not referring missed payments to credit reporting agencies for 12 months.Still, after a three-year pause, tens of millions of federal student loan borrowers will have to start making payments again this fall. Interest will start to accrue on Sept. 1, and payments will be due in October. To prepare, borrowers should take these five steps now:Go to studentaid.
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