The Supreme Court struck down the loan forgiveness program but a separate change with federal student loans is moving ahead. Applications for the SAVE program are now open.SAVE stands for Saving on a Valuable Education, and it's a NEW income-driven repayment plan that can lower your monthly bill and reduce the amount you pay back over the lifetime of the loan. It bases your monthly payments on your income and family size. Some borrowers will qualify for $0 monthly payments.How is that?Repayment plans include an income "floor" – and this will raise that floor so that you can use your income for your necessities, not for paying loans. This plan bumps the floor to 225% of the federal poverty guideline. Right now, it's 150%.Basically, if you're making $32,800 a year or less, or $67,500 for a family of four, your monthly payment will be $0. Another key part of the plan? As long as you make your monthly payment, your loan balance won’t grow due to unpaid interest. For example, if $50 in interest accumulates each month and you have a $30 payment, the remaining $20 would not be charged. One more benefit is that it will also take you less time to pay off your loan debt. Under the SAVE plan, if you have $12,000 or less – you could have your debt wiped away after 10 years of payments. Phase one of the plan is starting now and the final phase will go into effect next summer. How can you apply?If you were under the REPAYE Program before, you'll be automatically enrolled in this new planYou can click here to apply for the SAVE plan or others that you might qualify forHere's more on the SAVE program