In July 2023, the Department of Education launched a new income-driven repayment (IDR) plan for federal student loans called the Saving on a Valuable Education (SAVE) Plan. The SAVE Plan is the most generous IDR plan to date, and like all IDR plans, it calculates a borrower’s monthly payment amount based on income and family size.
The SAVE Plan replaces the existing Revised Pay As You Earn (REPAYE) Plan, and all borrowers who are currently enrolled in REPAYE will be automatically transferred to SAVE.
The SAVE Plan has many benefits, including lower monthly payments, a full interest subsidy for the entire time a borrower is enrolled in the plan, and shortened repayment terms compared to previous IDR plans. SAVE is being implemented in phases, with some benefits taking effect in 2023 and others that are scheduled to take effect in July 2024.
To learn more and to enroll in the SAVE Plan, borrowers can visit studentaid.gov/idr.
Source: U.S. Department of Education, 2023
Financial Advisor
Louis Financial Group, LLC
7971 Riviera Blvd Suite 326| Miramar, FL 33023
Phone:(954)505-2927 x930 |Fax:(954)681-4195
The information provided is not written or intended as specific tax or legal advice and may not be relied on for the purpose of avoiding any federal tax penalties. Louis Financial Group, LLC, its employees, and representatives are not authorized to give tax or legal advice. Individuals are encouraged to seek advice from their own tax or legal counsel based on their individual circumstances.
Also, the information presented here is not specific to any individual’s personal circumstances. These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable— we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.
This communication is strictly intended for individuals residing in the state of FL. No offers may be made or accepted from any resident outside the specific states referenced.
Prepared by Broadridge Advisor Solutions Copyright 2023.
Investment advisory and fee-based financial planning services are offered through LFG Wealth Management, LLC, a State (FL) registered Investment Advisory Firm. 7971 Riviera Blvd Suite 326, Miramar, FL 33023 (954)526-5240. Additional information about LFG is also available via the SEC’s website: http://www.adviserinfo.sec.gov.You can search this site using a unique identifying number, a CRD number. The CRD number for LFG is 171123.
LFG Wealth Management, LLC offers access to securities through Altruist Financial LLC, a self-clearing broker-dealer. Member FINRA/SIPC. Check the background of Altruist Financial LLC on FINRA’s Broker Check. Shareholders Service Group, Inc. (“SSG”) is also a member of FINRA/SIPC with clearing and custody provided by Pershing LLC, Member SIPC. LFG Wealth Management, LLC’s clients establish brokerage accounts through Altruist. LFG Wealth Management, LLC maintains an institutional relationship with Altruist whereby Altruist provides certain benefits to LFG Wealth Management, LLC, including a fully digital account opening process, a variety of available investments, and integration with software tools that can benefit LFG Wealth Management, LLC, and its clients.
Insurance products are offered through Louis Financial Group, LLC, and Louis Insurance Agency, Inc, licensed insurance agencies registered in Florida. Tax and Accounting Services are offered through LFG Accounting Services, LLC. LFG Wealth Management, LLC, LFG Accounting Services, LLC, Louis Financial Group, LLC, and Louis Insurance Agency, Inc are not affiliates or subsidiaries of Shareholder Service Group, Inc, Altruist LLC, and Altruist Financial LLC.
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