SAVE is the difference between crushing student loan debt and hope for many Mainers. About 180,000 people in Maine have student loans. They are our neighbors, teachers, recent graduates, nurses, and even our grandparents. Life doesn’t always work out the way we plan it. A lot of people, throughout their lives, struggle with student loan debt.

One lifeline for people with federal student loans is called Income-Driven Repayment (IDR). There are a couple of different IDR plans, which calculate your monthly student loan payment based off of your income. The idea is that your payment is affordable, even if you have a high balance. Otherwise, people would fall behind on their loans and into default because the monthly payment amounts are just way too big. IDR plans have been around since the 90s, and there have been new IDR plans introduced over the years.

You may have heard about the newest IDR plan called SAVE. SAVE is much, much more affordable than the other IDR plans that came before. For example, say you’re a single mom of one, who graduated from college, now makes $50,000, and has $33,000 in student loan debt (the state average). On an old IDR plan, you may have had a monthly payment of between $170-$255. SAVE brings that payment down to just $23/month.

But SAVE is in jeopardy — there are lawsuits challenging the SAVE plan. Overturning it would mean that many Mainers would no longer have access to an actually affordable repayment option. And in the meantime, people are being put into forbearances and have limited options or guidance on how to manage their loans.

SAVE is the difference between food on the table and a hungry kid, the difference between saving an emergency fund and struggling the next time a big life expense comes up.

Pine Tree Legal Assistance provides information and legal help to student loan borrowers. Learn more about your rights and get answers to common student loan questions at https://ptla.org/student-loans#.

Sophie Laing

Consumer Attorney

Pine Tree Legal Assistance

South Portland