New income-driven repayment (IDR) plan

[Bohemian]

I've been in repayment for years but my plan has been income driven or the other one that I can't remember the name, but my payment has been $0.

I recently received an email telling me about a new plan. I'm wondering if others have looked into and made some decisions.

my email:

You’ve been making payments on your student loans during the payment pause, but you should still make sure you understand what the end of the COVID-19 student loan relief means for you.

The 0% interest on your student loans is ending. Student loan interest resumes on Sept. 1, 2023. This means your loans will start accruing (building up) interest again at your regular interest rates.

If you are concerned about your ability to make payments, an income-driven repayment (IDR) plan may be the right plan for you. A new income-driven repayment plan is now available: the Saving on a Valuable Education (SAVE) Plan. SAVE is the most affordable repayment plan ever created, which will cut monthly payments in half for many borrowers, stop runaway interest charges that increase your loan balance, and provide a path to forgiveness.

Compare repayment plans to see if the SAVE plan is right for you.

We’re here to provide support and resources so you can identify the needs of your unique financial situation.

[TerryGaughan]

It's important to be aware of the changes coming to student loans. The end of the 0% interest period means that loans will start accruing interest again. Exploring income-driven repayment plans like the new Saving on a Valuable Education (SAVE) Plan can be a smart move. These plans can significantly reduce monthly payments, prevent interest from ballooning your loan balance, and even offer a path to loan forgiveness. Take the time to compare repayment plans and assess your financial situation to determine if the SAVE Plan or another option aligns with your needs. It's always a good idea to stay informed and make decisions that suit your financial circumstances best.

[swimmingwithsharks]

On 9/15/2023 at 12:37 AM, TerryGaughan said:

It's important to be aware of the changes coming to student loans. The end of the 0% interest period means that loans will start accruing interest again. Exploring income-driven repayment plans like the new Saving on a Valuable Education (SAVE) Plan can be a smart move. These plans can significantly reduce monthly payments, prevent interest from ballooning your loan balance, and even offer a path to loan forgiveness. Take the time to compare repayment plans and assess your financial situation to determine if the SAVE Plan or another option aligns with your needs. It's always a good idea to stay informed and make decisions that suit your financial circumstances best.

Is it just me, or does this read like a press release?