July 2024 Save Plan. The save plan offers a lower monthly payment amount because it increases the income exemption from 150% to 225% of the poverty line. President joe biden recently announced that he was canceling federal student loans for nearly 153,000 borrowers enrolled in the plan, known as the save plan.

The save plan protects borrowers. After 60 months of payments on new repaye / save after july 2024, you become ineligible to switch to the ibr plan.