Report

SAVE Your Guesses: Borrower Expectations for Enrollment in the New SAVE Income-Driven Repayment Plan


Abstract: As the end of the pandemic-era payment pause on federal student loans was announced, the U.S. Department of Education introduced measures to help ease borrowers back into repayment. One such measure included a change to the menu of repayment plans that are offered to borrowers to reduce their scheduled monthly payments. In this third report in our series on the student loan payments resumption, we consider borrower awareness of, intended enrollment in, and estimated payment reductions from the most recent and most generous income-driven repayment (IDR) plan yet: the Saving on a Valuable Education (SAVE) plan, finalized in August 2023.

Access Documents

Authors

Bibliographic Information

Provider: Federal Reserve Bank of Philadelphia

Part of Series: Consumer Finance Institute Research Briefs and Special Reports

Publication Date: 2024-02-01

Pages: 13