In July 2023, the U.S. Department of Education released the final version of its new income-driven repayment (IDR) plan for federal student loans, called the SAVE Plan. The SAVE Plan, like all IDR plans, calculates a borrower’s monthly payment amount based on their income and family size.
This fact sheet explains how the SAVE Plan will provide meaningful financial relief to millions of borrowers and help shield students from debt that has not paid off.
