The Education Department is set to move millions of federal student loan borrowers into a costlier repayment plan. This will happen if borrowers fail to exit the Saving on a Valuable Education (SAVE) plan. The SAVE plan, which originates from the Biden administration, has become defunct, and the Trump administration aimed to eliminate it.
This move could result in significantly higher payments for those stuck in a challenging repayment process. The department’s current plan threatens higher costs for borrowers not transitioning out of SAVE in the upcoming months. Affected individuals face a pressing need to address their repayment choices.
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