More than 4 million student loan borrowers – including 63,500 Alabamians – are now enrolled in the White House’s new loan forgiveness program, the Department of Education announced.
The figures represent those enrolled in the new Saving on A Valuable Education, or SAVE, income-driven repayment plan and include those who were transitioned from the previous Revised-Pay-As-You-Earn, or REPAYE, plan. The department has also received more than 1.
Most people complete the application in 10 minutes or less. You can also save and continue the application later so you don’t have to complete it in a single session. To apply, you will need a verified FSA ID, financial information, some of which you can consent to be supplied automatically, address, telephone number and email address and, if applicable, spouse’s information.
Borrowers applying for the SAVE Plan will see their new payment amount before submitting their application and it will be displayed on their servicer’s website when their first bill is sent. Most borrowers who apply for the SAVE Plan can expect their next payment to reflect their new amount and, after they apply, people can check the status of their application at
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