It’s a new payment plan, so applies to new student debt as well.
If I’m reading the StudentAid.gov correctly, the SAVE plan has the following:
Increase in income exemption to 225% of poverty line (~$66k/yr for family of 4, ~$32k for single filer, no dependents)
Undergraduate Loans now are 5% of AGI above exemption limit
No interest accrued if you make your monthly payment
After 10 yrs of payment, if principle loan was $12k or less, loan is forgiven. Payment period increases by 1 yr for every $1k over that amount (e.g. for $20k loan, forgiveness after 18 yrs)
It’s a new payment plan, so applies to new student debt as well.
If I’m reading the StudentAid.gov correctly, the SAVE plan has the following: