How do you qualify for the SAVE plan?
Students with direct federal student loans who are interested in the SAVE plan simply have to submit an application through their lender or StudentAid.gov. If they don’t have direct federal loans, they’ll need to consolidate them into one first. After that, the application is pretty simple. It asks basic questions about your income and family size, as well as requesting permission for your lender to review your tax returns to verify your eligibility.
From there, your lender will qualify you for SAVE. You’ll get a letter that says what your payment will be for the next year. As long as you make each of those payments on time, you’ll be able to recertify at the end of the year, get a new low payment, and do it again. After your payment period is over, your loans will be forgiven and you’ll receive a letter as proof of payoff.
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