Millions of student-loan borrowers have yet to leave a key repayment plan — and the first deadline is approaching.
A Department of Education spokesperson confirmed that 1.5 million of the 7.5 million borrowers on the SAVE plan had selected a new repayment plan as of Monday morning, “allowing them to make progress toward paying down their balances and access loan discharge benefits that current SAVE borrowers are missing out on.”
SAVE was a Biden-era repayment plan that offered borrowers lower monthly payments and a shorter timeline for debt relief. The Trump administration eliminated the plan this spring. Beginning July 1, servicers started…
