Saving on a Valuable Education (SAVE) Plan

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The Saving on a Valuable Education (SAVE) Plan is a U.S. federal income-driven student loan repayment program that bases monthly payments on a borrower’s income and family size and offers eventual loan forgiveness after a set number of qualifying years.

All labels observed (3)

How this entity was disambiguated

Statements (48)

Predicate Object
instanceOf U.S. federal student loan repayment plan ⓘ
income-driven repayment plan ⓘ
administeredBy Federal Student Aid ⓘ
U.S. Department of Education ⓘ
appliesTo Direct Loans ⓘ
federal student loans ⓘ
benefit can lead to cancellation of remaining balance after qualifying years ⓘ
can reduce required monthly payment to $0 for some borrowers ⓘ
country United States ⓘ
dataUsed adjusted gross income ⓘ
household size ⓘ
poverty guideline thresholds ⓘ
documentation Federal Student Aid guidance on SAVE Plan ⓘ
eligibilityCriterion borrower must have eligible federal student loans ⓘ
borrower must provide family size information ⓘ
borrower must provide income information ⓘ
feature caps monthly payments as a share of discretionary income ⓘ
is an income-driven repayment (IDR) plan ⓘ
offers eventual loan forgiveness ⓘ
protects a portion of income for basic needs ⓘ
requires annual income recertification ⓘ
requires qualifying repayment period for forgiveness ⓘ
forgivenessCondition requires a set number of qualifying years of repayment ⓘ
forgivenessType remaining balance forgiven after qualifying period ⓘ
fullName Saving on a Valuable Education Plan ⓘ
goal make student loan payments more affordable ⓘ
provide a path to loan forgiveness ⓘ
hasAcronym SAVE Plan ⓘ
introducedBy Biden administration ⓘ
jurisdiction federal government of the United States ⓘ
language English ⓘ
legalNature federal regulatory program ⓘ
partOf federal income-driven repayment (IDR) program portfolio ⓘ
paymentBasis borrower’s family size ⓘ
borrower’s income ⓘ
paymentType monthly payments ⓘ
policyArea student loan policy ⓘ
regulates amount of monthly student loan payments ⓘ
relatedTo Income-Based Repayment (IBR) Plan ⓘ
Income-Contingent Repayment (ICR) Plan ⓘ
Pay As You Earn (PAYE) Plan ⓘ
linked to: Pay As You Earn
replaces Revised Pay As You Earn (REPAYE) Plan ⓘ
requires application through Federal Student Aid or loan servicer ⓘ
sector higher education finance ⓘ
startDate 2023 ⓘ
targetGroup low- and middle-income borrowers ⓘ
student loan borrowers ⓘ
website https://studentaid.gov/idr ⓘ

How these facts were elicited

Referenced by (5)

Full triples — surface form annotated when it differs from this entity's canonical label.

Graduated Repayment Plan → comparedWith → Saving on a Valuable Education (SAVE) Plan ⓘ
Graduate PLUS Loan → repaymentPlanEligibility → Saving on a Valuable Education (SAVE) Plan ⓘ
Saving on a Valuable Education (SAVE) Plan → hasAcronym → SAVE Plan ⓘ
linked to: Saving on a Valuable Education (SAVE) Plan
Saving on a Valuable Education (SAVE) Plan → fullName → Saving on a Valuable Education Plan ⓘ
linked to: Saving on a Valuable Education (SAVE) Plan
Income-Contingent Repayment Plan (ICR) → comparedWith → Saving on a Valuable Education (SAVE) Plan ⓘ