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So I applied for and was approved for the SAVE plan last month. I have $20,000 in loans and before the freeze started the total was $20,135.00 as of sometime in 2021. I checked my Aidvantage account today and my new balance is $20,138.28, or $2.46 per day in interest accrued since yesterday. Since my AGI is so low, my monthly payments are set at $0 until March of next year. I thought that even with a $0 monthly payment that interest would not capitalize and my balance would not grow. Is this incorrect? Will my balance grow and grow while I'm paying $0 this year and potentially into 2025 and beyond or will the govt. subsidize the interest over that period of time? I'm a bit confused about this aspect of the SAVE program. Thanks!
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- 1 year ago
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