Who typically benefits most from the SAVE plan of Student loan?

Related Questions

• 
  Abbey Johnson
  

  Helping with Student Loan Documentation .
  If my initial loan balance was above $27,000 and now it’s $12,000, will my forgiveness period be 10 years now for SAVE Plan of Student loan?
  No, your repayment period is only based on your initial balance.
  
  1 0 1
• 
  Abbey Johnson
  

  Helping with Student Loan Documentation .
  Which Student loan plan is better SAVE Plan, PAYE Plan or IBR?
  SAVE is generally the best because your interest does not accumulate if you pay the minimum payment. In most ...
  
  1 0 2
• 
  Abbey Johnson
  

  Helping with Student Loan Documentation .
  I’m confused how the SAVE plan  of Student loan works. I thought there was no interest that accrues. Can anyone share their knowledge?
    Interest still accrues on the SAVE plan, but if the amount of interest that accrues is greater than your ...
  
  1 0 2
• 
  Abbey Johnson
  

  Helping with Student Loan Documentation .
  Why is my spouse’s income taken into consideration for SAVE Plan of Student loan? These are my loans, not hers.
  The government considers you one entity for tax purposes and you get the benefits of such from a tax ...
  
  1 0 0
• 
  Abbey Johnson
  

  Helping with Student Loan Documentation .
  What if my spouse and I both have loans, would we pay 20% of our discretionary income instead of 10% for SAVE Plan of Student loan?
  No, the calculation should be the same (student loan servicer's may make errors here so check their math). However, the ...
  
  1 0 1
• 
  Abbey Johnson
  

  Helping with Student Loan Documentation .
  How do I calculate my monthly accruing interest for SAVE Plan of Student loan?
  Principal Loan Balance * Interest Rate / 12. You can also refer to this for detailed SAVE Plan payment calculation.  
  
  1 0 0
• 
  Abbey Johnson
  

  Helping with Student Loan Documentation .
  Do I get any benefit on the SAVE Plan of Student loan if my income will increase next year such that I won’t receive an interest subsidy?
  Yes, you still may get an interest subsidy this year which will lower the repayment amount this year, your ...
  
  1 0 0
• 
  Abbey Johnson
  

  Helping with Student Loan Documentation .
  How can I reduce my AGI without reducing my gross income for SAVE Plan of Student loan?
  You can obtain more “above the line” deductions by contributing more to your 401k, tax deductible IRA, and health ...
  
  1 0 0
• 
  Abbey Johnson
  

  Helping with Student Loan Documentation .
  Why doesn’t the government take into account my high cost of living area or other debts in my monthly SAVE payment of Student loan?
  You chose to live in a high cost of living area and the government isn’t in the business of ...
  
  1 0 17
• 
  Abbey Johnson
  

  Helping with Student Loan Documentation .
  What if I lose my job or my pay decreases while in SAVE Plan of Student loan?
  You can let your servicer or studentaid.gov know of such a decrease and your payment will be recalculated.
  
  1 0 4
• 
  Abbey Johnson
  

  Helping with Student Loan Documentation .
  What if my income increases, do I need to report that in SAVE Plan of Student loan?
  No. You don’t have to report any changes in your income. Income recertification occurs once per year, and you ...
  
  1 0 0
• 
  Abbey Johnson
  

  Helping with Student Loan Documentation .
  Can I switch back to another plan while in Save plan of Student loan?
   Yes, you can switch to the standard 10-year plan or other plans available at that time. However, the PAYE ...
  
  1 0 4
• 
  Abbey Johnson
  

  Helping with Student Loan Documentation .
  Are there any tricks with the SAVE plan to optimize repayment of Student loan?
  There’s a trick utilizing money market accounts and high yield savings accounts when you’re receiving an interest to optimize ...
  
  1 0 2