US EditionSAVE student loan plan ending; 7 million borrowers must switch repayment options
Borrowers will have 90 days to pick a new plan, and many could face higher monthly payments, the department said.
- On March 10, a federal court ruling ended the Biden-era SAVE student loan plan, forcing 7 million borrowers to transition to new repayment options beginning Friday.
- Years of legal challenges from GOP-led states ultimately caused the plan's termination after an appeals court reversed a February dismissal, finalizing the program's closure.
- Beginning July 1, loan servicers will send 90-day notices directing borrowers to select new plans including Income-Based Repayment or the new Repayment Assistance Plan launching that day.
- Persis Yu, deputy executive director at Protect Borrowers, warned borrowers may miss deadlines and fall into default, citing the department's failure to provide clear transition information.
- The Treasury Department will take over management of the roughly $1.7 trillion federal student loan portfolio as President Donald Trump's administration continues dismantling the Department of Education.
22 Articles
22 Articles
A Biden student loan plan has ended. Here’s what borrowers need to know. • Maine Morning Star
Student borrowers enrolled in the federal Saving on a Valuable Education, or SAVE, plan must find a new repayment plan or be automatically enrolled in one. (Getty Images) WASHINGTON — A federal court order last month to effectively axe a Biden-era student loan repayment plan capped years of chaos for more than 7 million student borrowers enrolled in the program. The Saving on a Valuable Education, or SAVE, plan marked a cornerstone of the Joe Bi…
A Biden student loan plan has ended. Here’s what borrowers need to know. • West Virginia Watch
Student borrowers enrolled in the federal Saving on a Valuable Education, or SAVE, plan must find a new repayment plan or be automatically enrolled in one. (Getty Images) WASHINGTON — A federal court order last month to effectively axe a Biden-era student loan repayment plan capped years of chaos for more than 7 million student borrowers enrolled in the program. The Saving on a Valuable Education, or SAVE, plan marked a cornerstone of the Joe Bi…
Missouri Independent
A Biden student loan plan has ended. Here’s what borrowers need to know.
Student borrowers enrolled in the federal Saving on a Valuable Education, or SAVE, plan must find a new repayment plan or be automatically enrolled in one. (Getty Images) WASHINGTON — A federal court order last month to effectively axe a Biden-era student loan repayment plan capped years of chaos for more than 7 million student borrowers enrolled in the program. The Saving on a Valuable Education, or SAVE, plan marked a cornerstone of the Joe Bi…
Education Department directs student loan borrowers in SAVE plan to prepare for repayment
More than 7 million student loan borrowers who've been enrolled in a Biden-era repayment plan will receive notices with instructions to seek a new plan to repay their debt.
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