Comments on: SAVE Plan Litigation: Why Higher-Income Borrowers Are The Big Winners

By: Michael P. Lux, Esq.

Michael P. Lux, Esq. — Thu, 21 Nov 2024 16:20:02 +0000

In reply to Carrie. Its really hard to make any blanket statements right now because there are so many variables at play. What I can say is that there are likely to be many changes that happen in the coming months, so waiting to see what happens next is definitely a legitimate plan that many borrowers will be using.

By: Carrie

Carrie — Wed, 20 Nov 2024 22:24:08 +0000

Thank you very much for your kind answer, Michael.
Yeah, it is difficult to make a decision right now. I was concerned with staying in PAYE since my owed amount grew significantly since September. But other than that, maybe it is a good a idea not making any moves now, right?
Thank you very much, again, for helping us all navigating these complex waters right now, and taking the time to provide us such valuable information!!
Keep up the great work!!
Cheers,
Carrie

By: Michael P. Lux, Esq.

Michael P. Lux, Esq. — Wed, 20 Nov 2024 19:21:26 +0000

In reply to Carrie. Hi Carrie, With the results of the election, I don't think it is a good idea to apply for SAVE right now. This article explains the various impacts moving forward. You might be best off sticking with PAYE. You could also consider filing your taxes seperately to exclude your husband's income from your payment calculations.

By: Carrie

Carrie — Wed, 20 Nov 2024 16:44:37 +0000

Thank you, Michael, for helping us understand the advantages of SAVE, even with the litigation going on.

I’m on PAYE and no income, needing to recertify. I am about to switch to SAVE, but still concerned with the fact that my husband’s income has to be factored in. It is still a good idea? Thank you for clarifying it to me.
Best