Yes, you can put off paying your student loans. (No, you shouldn’t & here’s why)

The Saving on a Valuable Education (SAVE) Plan is a new income-driven repayment (IDR) option that offers the lowest monthly payments among all IDR plans to a wider group of borrowers.

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The SAVE Plan offers various benefits that offer immediate relief, although the full advantages of SAVE rolls out in two parts.

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SAVE Plan Eligibility

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Pros

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Like all IDR plans, you must recertify your income and family size each year, and if you don’t, you’ll be removed from the plan.

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Finding a financial advisor doesn’t have to be hard. SmartAsset’s free quiz matches you with fiduciary financial advisors in your area or who serve your area. If you are ready to be matched with financial advisors that can help you achieve your financial goals, take the quiz now.

[{"selector":"#anim-70ed67f2-4ac4-4ce5-b866-2d11617e520d","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-62062a9f-5624-4001-b46e-efecedc8baf8","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a6c51a8d-cfac-4f7f-914a-95526c6ed98a","keyframes":{"transform":["translate3d(0px, 99.16371%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-0b4fcc37-33ac-427b-bbf3-cb3b608d35dd","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Personal finance 101: Easy ways to recession-proof your finances Understanding the relationship between cats and their caregivers

Yes, you can put off paying your student loans. (No, you shouldn’t & here’s why)

The Saving on a Valuable Education (SAVE) Plan is a new income-driven repayment (IDR) option that offers the lowest monthly payments among all IDR plans to a wider group of borrowers.

The SAVE Plan offers various benefits that offer immediate relief, although the full advantages of SAVE rolls out in two parts.

How Does the SAVE Plan Work?

SAVE Plan Eligibility

The only eligibility requirement for enrolling in the SAVE Plan is that you must have eligible student loans, and the loans can’t have been a parent PLUS Loan.

Pros

SAVE’s new poverty line adjustment broadens the exemption for borrowers who can qualify for a zero-dollar monthly payment.

Like all IDR plans, you must recertify your income and family size each year, and if you don’t, you’ll be removed from the plan.

Cons

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Finding a financial advisor doesn’t have to be hard. SmartAsset’s free quiz matches you with fiduciary financial advisors in your area or who serve your area. If you are ready to be matched with financial advisors that can help you achieve your financial goals, take the quiz now.

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