ALT 7 Key Changes Coming to the 2024-25 FAFSA Experience

ALT Important Update! There is an affordable new student loan repayment plan coming soon: the Saving on a Valuable Education (SAVE) Plan. The plan will be available in August 2023.

ALT The new SAVE Plan is the most affordable student loan repayment plan ever. It allows for $0 monthly payments for anyone who makes $32,800 or less per year. The SAVE Plan replaces the Revised Pay As You Earn (REPAYE) Plan. If you are on the REPAYE Plan, your payments will automatically adjust to reflect the benefits of the SAVE Plan. No action is needed. If you switch from another income-driven repayment plan - other than the Income-Based Repayment Plan - to the SAVE Plan, interest on your loans won't be capitalized (added to your principal balance).

ALT The SAVE Plan eliminates 100% of remaining interest for both subsidized and unsubsidized loans after you make a scheduled payment. This means your loan balance won't grow due to unpaid interest. For example: If $50 in interest accumulates each month and you have a $30 payment, the remaining $20 would not be charged. The SAVE Plan excludes spousal income for borrowers who are married and filing taxes separately. This change removes the need for your spouse to cosign your income-driven repayment plan application.

ALT For more information, visit StudentAid.gov/save