In August 2023, the Biden Administration finalized the most affordable repayment plan ever created, the Saving on a Valuable Education (SAVE) Plan.

This new income-driven repayment plan could reduce your student loan bill to as low as $0 a month!

Other SAVE enrollees could save at least $1,000 per year in payments and will no longer see their balances grow due to unpaid interest.

Is SAVE the right plan for me?

  • If you are already enrolled in a REPAYE plan, you don’t have to do anything. You will automatically be enrolled in SAVE. Learn more at
  • Private loans (i.e., non-federal loans) are not eligible for SAVE — but there may be other lower-cost repayment plans that work for you! Contact your loan servicer to find out more.
  • SAVE is an income driven repayment program that provides loan forgiveness once you reach the end of your repayment term. If you are interested in learning more about all current options for loan forgiveness, head to to learn more.

Take 60 seconds to answer 4 questions and see if SAVE is the right plan for you.

Borrower Checklist

The Department of Education has provided tools and resources to support borrowers and help them find the most affordable payment options as they prepare to return to repayment. Borrowers can expect to receive their student loan statement with their payment amount in September 2023, and first payments will be due in October 2023.

Here’s how you can prepare and find out the best payment options for you:

  • Update your contact information at and on your loan servicer’s website.
  • Sign up for the SAVE Plan or another affordable repayment plan.
    • Note: If your federal loans are in default, the U.S. Department of Education is offering Fresh Start, a one-time program to get your loan out of default quickly and easily.
  • Enroll (or reenroll) in auto pay on your loan servicer’s website, which will ensure your payment is automatically processed every month so you don’t miss a payment. Auto pay is optional, but if you choose auto pay, you’ll save 0.25% on your interest rate.
  • Check if you qualify for a type of targeted loan forgiveness at The Department of Education has approved more than 3.4 million borrowers for forgiveness in the last two years due to public service employment, disability, or wrongdoing by a college.

You can find additional information and tips on preparing for payments to resume at Federal Student Aid’s website here.

SAVE on Student Debt is a partnership between the U.S. Department of Education, Civic Nation, UnidosUS, Rise, Student Debt Crisis Center, Young Invincibles, National Urban League and the NAACP.

Other entities may falsely state that they are or represent the U.S. Department of Education or its Office of Federal Student Aid.

Remember, you never have to pay for help with your federal student loans and you should never give out your personal information to unfamiliar callers or entities.

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