
Understanding the New SAVE Plan for Student Loans

Interactive Video
•
Business
•
9th - 10th Grade
•
Hard
Jennifer Brown
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary goal of the new SAVE Plan for student loans?
To increase interest rates on loans
To eliminate student loans entirely
To increase monthly payments
To cut student loan payments in half
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is discretionary income calculated under the SAVE Plan?
By subtracting 225% of the federal poverty line from adjusted gross income
By multiplying adjusted gross income by 225%
By adding 225% of the federal poverty line to adjusted gross income
By dividing adjusted gross income by 225%
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What percentage of discretionary income will undergraduate debt payments drop to starting in July?
5%
10%
20%
15%
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens if the interest on your loan accrues more than your monthly payment?
The interest is added to the principal
The government covers the excess interest
The interest is forgiven
The borrower pays the excess interest
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is the payment calculated for borrowers with both undergraduate and graduate loans?
Based on the highest loan balance
As a weighted average between 5% and 10% of discretionary income
As a flat 5% of discretionary income
As a flat 10% of discretionary income
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who is eligible to apply for the SAVE Plan?
Only undergraduate students
Only graduate students
All federal student loan borrowers with Direct Loans
Only borrowers with private loans
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is one of the main reasons borrowers miss out on repayment options?
Low income levels
High interest rates
Not knowing about their options
Lack of interest in repayment plans
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