The SAVE Plan for Student Loan Repayment: Which Fields and Colleges Benefit Most?

Abstract

The Biden administration launched a new income-driven repayment (IDR) plan for federal student loans this year called Saving on a Valuable Education (SAVE). The plan cuts borrowers' monthly payments compared with current IDR plans, provides earlier loan forgiveness for smaller debts, and prevents unpaid interest from accumulating.To better understand how borrowers from different degree programs and higher education institutions will benefit from the new SAVE plan, this report uses College Scorecard data to examine loan repayment patterns for more than 25,000 postsecondary programs.