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New SAVE Plan flyer available to help you share information with borrowers
August 23, 2023
For some borrowers, the start-up of student loan repayment this fall won't be easy.
There are a number of reasons why borrowers will face challenges – one of which is lack of income to cover the payments. To address that issue and to ease the transition to student loan repayment, modifications have been made to the Income-Driven Repayment plans with the greatest modifications to the REPAYE Plan.
In an August 22 Electronic Announcement, the Department of Education said the REPAYE Plan is now the SAVE Plan and acknowledged that many financial aid professionals may receive questions about the plan during this transition to repayment. As such, the announcement provides detailed information about the SAVE Plan.
To assist in your communication efforts, Mapping Your Future created a one-page SAVE Plan flyer, which you can download and share with your borrowers.
If you have any suggestions or questions about the flyer, please contact Mapping Your Future.