Here’s what to know about the SAVE Plan 👇 More borrowers in the SAVE plan are eligible for $0 payments. This plan won’t require borrowers to make payments if they earn less than 225% of the federal poverty line — $32,800 a year for a single person. The cutoff for other plans, by contrast, is 150% of the poverty line, or $22,000 a year for a single person. Also, the SAVE plan prevents interest from piling up. As long as borrowers make their monthly payments, their overall balance won’t increase. Once they cover their adjusted monthly payment — even if it’s $0 — any remaining interest is waived. Other major changes will take effect in July 2024. Payments on undergraduate loans will be capped at 5% of discretionary income, down from 10% now. Those with graduate and undergraduate loans will pay between 5% and 10%, depending on their original loan balance. For info on how to calculate your student loan reduction check out the recent guide on Nerd Wallet. Just google: Nerd Wallet New Student Loan Repayment Plan. To find out how much this will help you when buying a home - deal a comment below or shoot me a DM to get more detailed info! #realestate #firsttimehomebuyer #studentloans #studentdebt #debt #finance #investment | Michael Massey | mikeemassey · Original audio

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Here’s what to know about the SAVE Plan 👇 More borrowers in the SAVE plan are eligible for $0 payments. This plan won’t require borrowers to make payments if they earn less than 225% of the federal poverty line — $32,800 a year for a single person. The cutoff for other plans, by contrast, is 150% of the poverty line, or $22,000 a year for a single person. Also, the SAVE plan prevents interest from piling up. As long as borrowers make their monthly payments, their overall balance won’t increase. Once they cover their adjusted monthly payment — even if it’s $0 — any remaining interest is waived. Other major changes will take effect in July 2024. Payments on undergraduate loans will be capped at 5% of discretionary income, down from 10% now. Those with graduate and undergraduate loans will pay between 5% and 10%, depending on their original loan balance. For info on how to calculate your student loan reduction check out the recent guide on Nerd Wallet. Just google: Nerd Wallet New Student Loan Repayment Plan. To find out how much this will help you when buying a home - deal a comment below or shoot me a DM to get more detailed info! #realestate #firsttimehomebuyer #studentloans #studentdebt #debt #finance #investment

Uploaded: 2024-04-29T14:03:37-07:00
Duration: T25S
Channel: Michael Massey

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mikeemassey

Here’s what to know about the SAVE Plan

More borrowers in the SAVE plan are eligible for $0 payments. This plan won’t require borrowers to make payments if they earn less than 225% of the federal poverty line — $32,800 a year for a single person. The cutoff for other plans, by contrast, is 150% of the poverty line, or $22,000 a year for a single person.

Also, the SAVE plan prevents interest from piling up. As long as borrowers make their monthly payments, their overall balance won’t increase. Once they cover their adjusted monthly payment — even if it’s $0 — any remaining interest is waived.

Other major changes will take effect in July 2024. Payments on undergraduate loans will be capped at 5% of discretionary income, down from 10% now. Those with graduate and undergraduate loans will pay between 5% and 10%, depending on their original loan balance.

For info on how to calculate your student loan reduction check out the recent guide on Nerd Wallet. Just google: Nerd Wallet New Student Loan Repayment Plan.

To find out how much this will help you when buying a home - deal a comment below or shoot me a DM to get more detailed info!

#realestate #firsttimehomebuyer #studentloans #studentdebt #debt #finance #investment

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