The SAVE plan is a student loan repayment plan that is discussed on Reddit. Here are some key points about the plan based on the search results:
- The plan eliminates 100% of remaining interest for both subsidized and unsubsidized loans after a scheduled payment is made.
- The plan has 10-year forgiveness for loans $12k or less, then adds a year for every $1k, capping at 20 years for undergrad and 25 years for grad.
- The plan has graduate loans forgiven after 25 years instead of 20, and because the monthly payment isnt capped (PAYEs is), you end up paying a lot.
- The plan sets a monthly payment based on what you can afford. Interest accrues on the debt as normal. If your monthly payment is less than the interest that accrues, the unpaid interest is added to your principal balance.
- The repayment period is only based on your initial balance. Interest is still accruing on the SAVE plan on my student loan account.
- The plan is presented as a great option for anyone, but it may not be suitable for everyone. For example, someone with a large amount of student loan debt may end up paying more in interest over time.
Its important to note that the information provided on Reddit may not be accurate or up-to-date, and its always a good idea to do your own research and consult with a financial advisor before making any decisions about student loan repayment.
