Today’s Lead Story
Saturday, June 27Debt
7.5 Million Student Loan Borrowers Have 90 Days to Leave SAVE Plan Starting July 1
via US Department of Education
The Department of Education began emailing 7.5 million borrowers this week to notify them the SAVE Plan is over and a 90-day transition window opens July 1. Borrowers who do not select a new repayment plan before the deadline will be automatically moved to the Standard Repayment Plan, which typically carries higher monthly payments than SAVE did.
Why it matters
Borrowers still on SAVE need to actively choose a new income-driven option like the Repayment Assistance Plan before the 90-day window closes to avoid a sharp jump in their monthly bill.
