The Truth About Biden's New SAVE Plan For Student Loans

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I paid off my student loans I did it Oh my GOD !!! I'm jumping up and down After 10

mpmlbc
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I received a letter 3 days ago from the Department of Education. ALL my Federal student loans have been forgiven in full. I just simply praise God. I count this as a real blessing. Yes, I got forgiveness after 25 years.

Sistahknit
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Please reexamine your approach. This SAVE plan is actually the BEST option for anyone using the debt snowball with a goal of eliminating student debt. You can be GAZELLE INTENSE with 0% interest. People with high student loan debt should absolutely take this plan…it’s a great opportunity to pay down principal on student loans, or focus on eliminating smaller debts

PageTurnerr__
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My wife and I have paid off 200k in debt since 2020. Just paid off my student loans that have been following me around and feels great to be debt free besides my house

An-Engineered-Journey
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I’m in PSLF and have 3 more years left. My friend just got ALL his loans forgiven. I don’t get why they are saying these programs don’t work. They do work if you know how to use them properly. Them 2 need to do more research!

sergetinc
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I qualified for loan forgiveness, whereas all Dave Ramsey's show said I wouldn't. The only advice he gave me was to get thirty jobs to pay off my debts. All more employment does is put more stress on your family. Just be carefull and research things for yourself. Thats all im saying.

theflow
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Student loans are gone after 20 years for undergrad and 25 for grad. Mathematically paying the least for the longest time is still a lower total. Use your money for retirement. Social security won’t be there.

Ezunit
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I’d disagree, this is a pretty good option for people who simply can’t afford the standard payments. Highly critical of the administration here, but I’d say they are trying to make the best of a tough situation. Also very easy to say “federal student loans should be regulated/stopped” but why not present plausible and actionable solutions as well?

CLSmooth_
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Why do they not act like this isn't an improvement to a predatory system. Preventing interest accrual is a big help to student loan borrowers. Anyone that qualifies for this plan should use it. Yes use it for a debt snowball, and no if you have $0 payments don't pay them down. Invest what you can and if the game changes throw that money immediately at the debt. If someone gives you a 0% interest loan with 0$ payments for x amount of time, there's a giant opportunity cost in paying that down during x amount of time.

dhilllax
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I like the save plan only because as long as you pay the minimum payment no additional interest is added. So, I can continue to pay more than the minimum to pay down the principal without getting hit with more interest.

tkleo
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I’ve started paying down consumer debt and student loans and even though every nickel is going towards debt I’m starting to feel a huge weight being lifted.

timsmith
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I'm really glad they finally mentioned how an IDR plan can HELP with the debt payoff journey. Everyone who seeks lower/zero payments does not intend to "Kick the can" down the road in hopes that forgiveness finally kicks in. Lower payments free up money for other smaller debts in the snowball and for general breathing room in the budget for things like, electricity and food, for a lot of people. It's a temp form of relief that can really help in the long run if the true intention is to get out of debt asap.

ElaniaG
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The problem with student loans is the loan itself, not the repayment plan. We don't solve debt problems by figuring out re-payments, we need to focus on costs before its spent. This is the same ole trap the auto dealership puts you in.

unclebenny
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The new plan has helped me big time. I’ll forever be grateful to this plan and Administration doing something to get citizens out of debt. More than the previous administration.

InnKogNeeto
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More than enough to send to ukrane but nothing to give to people here but crumbs

PepeToTheMooon
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Well I just got a letter saying my loan has been forgiven. I logged on to my Mohela account and it's true. I'm so glad I consolidated my loans years ago and was on IDR. I did miss a few pymts due to cut backs. And mine still got forgiven. Now I'm debt free. 🎉 Thanks to Biden's Administration

royalservices
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All I can say is that I am glad I paid my student loans off years ago when I started listening to Dave. It has been a blessing!

Richqjourney
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This is perfect for public servants who just need 120 qualifying payments and 10 years of service 🎉 I don’t wanna pay it off, I wanna do just enough to make it all go away.

Abby_Ramona
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Ramsey Show needs to explore the SAVE program’s 0% interest if payments are made. Does that mean all amounts above the min payment goes to principal? If that’s the case, that is an extremely helpful aid to commence debt snowball because 0% interest is better than 7%

johnnnysilverhand
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I paid off my students loan last week and it feels so good.

juliejerrylee