The Supreme Court's decision to keep a temporary freeze on the Biden administration’s new SAVE (Saving on a Valuable Education) program has left millions of borrowers and their financial advisors in limbo. The SAVE plan, designed to tie monthly payments to income and household size, promised to make student loan repayment more manageable, with the potential to cut payments in half for many, or eliminate them altogether. However, ongoing legal challenges have halted its full implementation, causing uncertainty about the program's future and forcing borrowers to revisit their repayment strategy.
In this webinar, student loan expert Ryan Galiotto dove into the current legal landscape surrounding SAVE, explored the implications for borrowers and financial advisors, and discussed key strategies to navigate this period of flux, including the potential impacts on clients enrolled in other income-driven repayment plans like Income-Based Repayment (IBR) and Pay As You Earn (PAYE).
Ryan also addressed the controversial double consolidation loophole, a strategy some parent borrowers use to access more favorable repayment terms by consolidating Parent PLUS loans twice.
Attendees Comments:
The double consolidation method for parent plus loans was new to me.
- Kristen B.
Status of SAVE program was very beneficial as well as thoughts on what people should do with Parent Plus loans
- James M.
Learned a great deal about student loan repayment
- Sheryl M.
The double consolidation method for parent plus loans was new to me.
- Kristen B.
Status of SAVE program was very beneficial as well as thoughts on what people should do with Parent Plus loans
- James M.
Learned a great deal about student loan repayment
- Sheryl M.