For the first time in over three years, federal student loans will begin accruing interest on Sept. 1.
That's because on the SAVE plan, you won't be charged for interest that exceeds your minimum monthly payment.
Individuals who earn $32,800 a year or less qualify for a $0 monthly payment, so any interest that accrues will not be charged.
Similarly, if your monthly payment is $30, but $50 in interest accrues in a month, you won't be charged the additional $20.
Borrowers who don't qualify for a $0 monthly payment can still save around $1,000 a year on the SAVE plan, according to the Department of Education.
Persons:
Donald Trump, You'll
Organizations:
Federal, Aid, White, Department of Education