US EditionEducation 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.
23 Articles
23 Articles
The Epoch Times
Conservative AngleUS Education Department Notifies Student Loan Borrowers of Repayment Plans
Millions of student loan borrowers who thought they wouldn’t have to pay back their student loans under former President Joe Biden’s loan forgiveness plan found out March 27 they will have to start making payments on the money they borrowed. The U.S. Department of Education began notifying 7.5 million borrowers on March 27 who enrolled in Biden’s “Saving on a Valuable Education” (SAVE) plan that they must exit the plan and enter a new federal re…
Student loan borrowers in SAVE plans in the U.S. must soon make payments, after two years of limbo
More than 7 million student loan borrowers who have been enrolled in a Biden-era repayment plan will receive notices beginning Friday with instructions to seek a new plan to repay their debt, the Education Department said.
Education Department sets deadline for student loan borrowers to get out of SAVE Plan
The Education Department announced Friday that student loan borrowers will have to get out of the Biden-era Saving on a Valuable Education (SAVE) Plan by the end of the summer. More than 7.5 million borrowers are still in the SAVE Plan after a court officially terminated what had been called the most generous student loan repayment option available. On July 1,…
Coverage Details
Bias Distribution
- 67% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
