Over 7 Million Student Loan Borrowers Have 90 Days to Switch Repayment Plans
The Education Department will email about 7 million SAVE borrowers and place those who do not switch into the standard repayment plan after 90 days.
- Beginning Wednesday, July 1, major federal student loan changes take effect, initiating a 90-day transition window for roughly 7.5 million borrowers enrolled in the defunct Biden-era SAVE Plan.
- These changes stem from the "One Big Beautiful Bill," also known as the "Working Families Tax Cuts Act," which Republicans argue will save the government $278 billion while simplifying repayment.
- Students taking out new loans after Wednesday face new borrowing caps, while the Education Department introduces the Repayment Assistance Plan and tiered Standard Repayment Plan to replace older options.
- Jennifer Finetti, director of student advocacy at ScholarshipOwl, warned that narrowing plan choices forces borrowers into larger monthly payments, stating "Many borrowers in the SAVE Plan don't realize they must change plans."
- Borrowers have 90 days to select a new plan or face automatic placement in the standard option, though the Education Department affirmed some will "get even more time" due to phased transitions.
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Major student loan changes take effect July 1: What to know
A major shakeup to the federal student loan system affecting millions of borrowers will take effect July 1.
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