Frequently Asked Questions
The quickest and easiest way to submit your request for SAVE is to complete the Income-Driven Repayment Request at StudentAid.gov. If you are unable to complete the online request, you can get a copy of the paper request form on our Forms page.
Under SAVE, your remaining balance will be forgiven after 20 or 25 years (you may qualify for forgiveness after 20 years if the loans being repaid under the SAVE plan include only loans you received to pay for undergraduate study, whereas you may qualify for forgiveness after 25 years if the loans being repaid under the SAVE plan include a loan you received to pay for graduate or professional study).
You can view your loan history and details at StudentAid.gov.
Note: The Department of Education (ED) is conducting a one-time adjustment of payment counts toward Income-Driven Repayment and Public Service Loan Forgiveness programs. For more information, visit StudentAid.gov/idradjustment.
Due to the American Rescue Plan Act of 2021, the balance of your loans that are forgiven under the SAVE plan or any other Income-Driven Repayment (IDR) plan is not considered taxable income for federal income tax purposes. Since state and local tax implications will vary, we recommend you contact your tax advisor for more information.
If your monthly payment amount under SAVE is not sufficient to pay the amount of interest that accrues on a monthly basis, the federal government will subsidize 100% of the remaining interest that is due for both subsidized and unsubsidized loans.
This means if you make your monthly payment, your loan balance won’t grow due to unpaid interest.
For example, if $50 in interest accumulates each month, and you have a $30 SAVE payment, then the remaining $20 would not be charged.
No, the SAVE plan excludes spousal income for borrowers who are married and file separately.
If you are separated from your spouse, you can indicate this during the application process and provide documentation of only your taxable income. Acceptable forms of income documentation can be found in Section 5 of the request form.
If you are unable to access information about your spouse’s income and are not able to have them sign the Income-Driven Repayment request form, you can indicate this during the application process and provide documentation of only your taxable income. Acceptable forms of income documentation can be found in Section 5 of the request form.
You can provide the first page of your 1040, 1040A, 1040EZ or a tax return transcript. By completing the Income-Driven Repayment Request at StudentAid.gov, you can provide consent for the Department of Education (ED) to obtain your federal tax information directly from the IRS; this will enable ED to automatically recertify your plan annually. To do so, visit StudentAid.gov/idr to opt-in.
If you or your spouse (if applicable) have had a significant change in your income since you filed your last federal income tax return, you may provide one piece of documentation from each source of taxable income for you (and your spouse) dated within the last 90 days. Acceptable proof of alternative documentation of income can be found in Section 5 of the request form.
If you or your spouse (if applicable) do not receive any taxable income, make sure to indicate this within your request as this will serve as your proof of income.
You can provide a signed statement explaining that you are self-employed and include your projected gross monthly income from all sources. Please make sure to also include the name and address of your business in your statement.
There are several benefits to repaying your loan(s) under SAVE. In most cases, it offers a lower monthly payment, interest subsidy, and possibly an earlier forgiveness depending on whether your loans were for undergraduate or graduate study.
Use the Loan Simulator on StudentAid.gov. The estimator will display other monthly payment amounts for all repayment plans so you can select the plan that is right for you.
If you are already enrolled in REPAYE, you will automatically be placed on the SAVE plan once it becomes available in Summer 2023.
In order to switch from IBR to any other repayment plan, you must first be placed on the Standard Repayment plan. Once you have made one payment on either the Standard Repayment plan or on a reduced-payment forbearance, you can then be placed on the SAVE plan or another repayment plan.
Yes, payments made under other income-driven repayment plans will count as qualifying payments for SAVE forgiveness.
Yes, payments made under the SAVE plan are considered qualifying payments for PSLF.
Yes, payments made under other income-driven repayment plans do count as qualifying payments for PSLF.