The first batch of student-loan borrowers is required to switch to a new repayment plan this week — but some of them are running into issues.
After President Donald Trump’s administration eliminated the Biden-era SAVE plan, which gave borrowers cheaper monthly payments, servicers began notifying borrowers on July 1 of their 90-day timeframe to switch to a new plan.
The notices have come in waves, and September 29 is the first transition deadline. The Department of Education recommended that borrowers enroll in the new Repayment Assistance Plan, which is intended to be the more affordable option for borrowers and waives unpaid interest.
However…
