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Education Department sets deadline for student loan borrowers to get out of SAVE Plan
More than 7 million borrowers must select new repayment options within 90 days or face automatic enrollment in less generous plans after SAVE was invalidated by courts.
- On Friday, the Department of Education began notifying 7 million borrowers enrolled in the Saving on a Valuable Education Plan that they must select a new repayment option following a federal court ruling.
- The SAVE Plan, launched by President Joe Biden to reduce Americans' student debt burden, was struck down earlier this month by the U.S. Court of Appeals for the 8th Circuit.
- Under Secretary of Education Nicholas Kent said loan servicers will provide borrowers at least 90 days to select a new plan; those failing to switch within three months will be automatically re-enrolled in the Standard Plan.
- Transitioning borrowers could pay more than $300 extra per month under the Standard Plan, which typically carries the highest monthly payments, with poorest borrowers facing the sharpest increases.
- All but one repayment program will dissolve on July 1, 2028, following Republican budget legislation, while officials stated borrowers will receive additional guidance over the next week.
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7M Student Borrowers Are Set to Receive an Unwanted Letter
Millions of federal student loan borrowers are about to be kicked out of a short-lived repayment plan that a federal court shut down earlier this month. CBS News and the AP report that, per the Department of Education, roughly 7.5 million borrowers enrolled in the Biden administration's SAVE income-driven...
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