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Why am I still accruing interest on my loans while on the SAVE plan through AidVantage, even though I'm currently paying $0? Will my payments increase significantly after the next tax year due to my changed income?
Why am I still accruing interest on my loans while on the SAVE plan through AidVantage, even though I'm currently paying $0? Will my payments increase significantly after the next tax year due to my changed income?
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Abbey Johnson, Helping with Student Loan DocumentationAnswered on October 07,2023
Log into your aidvantage account and click on the loan (not the + sign next to it). It will tell you which repayment plan you are on.
It will also tell you when you are due next year to recertify your income.
When you recertify, your payment will be recalculated and probably go up.
See this post about how the SAVE plan payment is calculated
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Guide
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Ultimate Guide on SAVE Plan - Payment Calculation, Interest, Forgiveness
Under the Saving on a Valuable Education (SAVE) plan, a single borrower who makes less than $15 an hour will not have to make any payments. Borrowers earning above that amount would save mor..Click here to get a detailed guide
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