The clock is ticking for some student-loan borrowers to find a new repayment plan.
September 29 is the first deadline for certain borrowers to transition off the SAVE plan, a Biden-era income-driven plan that gave borrowers cheaper monthly payments and a shorter timeline to debt relief.
If borrowers do not select a new plan themselves, they’ll automatically be transferred to a standard repayment plan and face the most expensive monthly payments.
President Donald Trump’s administration eliminated SAVE, and beginning July 1, student-loan servicers started notifying borrowers of their 90-day timeframe to transition to a new plan. The borrowers who received those first notices at the beginning of July have until...
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