The Biden administration has touted the new Saving on a Valuable Education repayment plan as the "most affordable repayment plan ever," boasting that it can cut federal student loan borrowers' payments in half and save them thousands of dollars a year.
But the SAVE plan may not be the best option for you.
Depending on your repayment goals and income, you might be better off sticking to the standard repayment plan or another income-driven plan.
Here's a look at the factors to consider before you apply for the SAVE repayment plan.
Cons of the SAVE repayment plan
Persons:
Biden, you've, Lauryn Williams, who's, Williams, they've
Organizations:
of Education, Federal, CNBC