No More SAVE Plan?

If you were on a SAVE plan, you may be wondering what to do about your student loan situation. Let’s break down what the recent changes mean for you and share some next steps you can take to keep your student loans affordable. 

Step 1: Assess your options

Individuals on a SAVE plan have 90 days from the initial notice from their loan provider to choose a different repayment plan. Plan options include income-driven repayment (IDR), standard repayment, tiered standard or the repayment assistance plan (RAP). 

If you don’t choose a new plan, you’ll be automatically placed in the standard repayment plan or the new tiered standard plan, depending on your loan disbursement dates.  

Repayment plan options

• Income-Driven Repayment (IDR): Payments are based on income and family size, and balances are forgiven after 20 or 25 years. 
• Standard Repayment Plan: A fixed monthly payment for 10 to 25 years, regardless of your income. The monthly payment is based on your total loan balance. Payments in this plan are usually higher than income-driven plans. 
• Tiered Standard Plan: A fixed-payment option with terms of 10, 15, 20 or 25. Monthly payment amount is based on your loan balance, interest rate and length of repayment period. 
• Repayment Assistance Program (RAP): An income-based plan with monthly payments between 1-10% of your income. Payments are also reduced $50/month for each dependent you have.

Step 2: Get a consultation

Every loan situation is different. We can help you navigate your repayment choices and explore other options like refinancing. Schedule an appointment with one of our financial experts for a student loan account review. 

Visit appointment.uwcu.org, click Loans & Credit Cards, then click Student Loan.