Starting in February 2024, the time to IDR loan forgiveness for borrowers on the SAVE Plan will drop to as few as 10 years (currently 20­–­­­­25 years) depending on how much you borrowed to attend school. If you borrowed $12,000 or less, you’ll receive loan forgiveness after making the equivalent of 10 years of payments.

Jan 15, 2025 · Borrowers can have their loans forgiven if they are enrolled in the IBR Plan. Payments on PAYE, SAVE, and ICR are counted toward IBR Plan forgiveness if the borrower enrolls in IBR.

Loan Forgiveness. Under SAVE, your remaining balance will be forgiven after 20 or 25 years (you may qualify for forgiveness after 20 years if the loans being repaid under the SAVE plan include only loans you received to pay for undergraduate study, whereas you may qualify for forgiveness after 25 years if the loans being repaid under the SAVE ...

1 day ago · SAVE Forbearance Continues, Extending Pause On Student Loan Forgiveness Progress. Borrowers who had enrolled in SAVE were put into a forbearance last August when the 8th Circuit issued its first ...

Jan 6, 2025 · The Education Department issued new guidance for the SAVE plan, updating options that can provide borrowers with alternative paths to student loan forgiveness.

If you repay your loans under an IDR plan, any remaining balance on your student loans will be forgiven after you make a certain number of payments over 20 or 25 years—or as few as 10 years under our newest IDR plan, the Saving on a Valuable Education (SAVE) Plan.

3 days ago · The SAVE plan has several unique features including a more affordable repayment term, generous interest subsidies, and faster student loan forgiveness in some cases as compared to other IDR options.

In certain cases, you can have your federal student loan forgiven, canceled, or discharged. Find out whether you qualify due to your job or other circumstances.

Feb 11, 2025 · It lowered monthly student loan payments for millions of borrowers and offered them additional paths to forgiveness. However, SAVE has been hung up in the courts for the latter half of 2024 ...

Nov 7, 2024 · The Biden-Harris administration launched the SAVE plan in the summer of 2023 to offer borrowers lower monthly repayment terms and a path toward student loan forgiveness. A replacement for...