FOREST CITY, IOWA, January 26, 2024 – The Education Department has in has put together a new income-driven repayment plan called the SAVE plan. Through this plan, student loan payments can be drastically reduced or the loan can be totally forgiven.
“There are several benefits of this plan,” states Duane Polsdofer, Waldorf University’s financial aid director, “including if your minimum payment does not cover the interest accrued for that month, the interest does not accrue but is instantly written off the books.”
Borrowers must enroll in the SAVE plan to qualify for the fast-tracked forgiveness, and beginning in February, those enrolled in the SAVE plan will be notified if their debts qualify for cancelation. Please research whether the SAVE Repayment Plan would be a good choice for you and your circumstances.
Should you have any questions, please feel free to call the Waldorf University Office of Financial Aid at 800.292.8120, contact your Loan Servicer, or go to http://studentaid.gov/announcements-events/save-plan for more details.