Millions of Student Loan Borrowers Must Choose New Repayment Plans as SAVE Program Is Dismantled
By
Tara Siegel Bernard
A bagel you'd recommend to a friend without hedging.
Summary
The Biden-era SAVE student loan repayment plan is being dismantled, affecting roughly 7 million borrowers. Starting July 1, borrowers must choose a new repayment option or the government will select one for them. Monthly payments have been on hold for nearly two years following legal challenges from Republican attorneys general. The Trump administration is enacting major changes to the student loan system, requiring borrowers to navigate a new menu of repayment options.
Key quotes
· 3 pulledMillions of student loan borrowers will soon need to choose a new repayment plan for their federal loans — otherwise, the government will make that choice for them.
The Biden-era repayment plan known as SAVE — short for Saving for a Valuable Education — is being officially dismantled.
That means roughly seven million people enrolled in the program, the most affordable income-driven plan to date, will need to find a new option and restart payments.
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