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Here is an article in which Fr. Nnamdi Moneme specifically uses the term "saving grace" and clarifies it as the way in which imperfect human gratitude is joined with Christ's perfect contrition.
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"Saving grace" is grace that saves. The relevant definition of 'grace' is:
mercy; clemency; pardon: He was saved by an act of grace from the governor. Synonyms: lenity, leniency, reprieve. Antonyms: harshness.
So "saving grace" is God's mercy, clemency, or pardon shown to us.