The Department of Education is promoting its newest IDR plan called Saving on A Valuable Education, or SAVE plan.
It "will save students and families a significant amount of money if their income is not in a place where they can make payments," Draeger said.
To get a better understanding of which repayment plan will help them the most, borrowers should log into their accounts on StudentAid.gov and use the federal loan calculator to compare plans, Draeger said. They can also reach out to their federal student loan servicer."Federal student loans are being onboarded for 20 million borrowers after a 3.5-year pause. Wait times are expected to be significant," he said, noting that the federal government has provided an on-ramp for payments.
"So if they're not able to get through, they do have a significant amount of time to try to get through and get their payments figured out," Draeger said.
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