The IDR program was removed from the federal student loan site shortly after an appeals courtruled againstSAVE in February.
It has since been made available again with revisions, the Department of Educationannounced Wednesday.
However, experts still recommend borrowers explore IDR plans to potentially reduce their monthly payments.
The Trump administration has made it clear that it’s opposed to student loan forgiveness programs.
What does all of this mean for your student loans and repayment options?
We talked to experts to find out.
What’s happening with SAVE?
If you’re panicked about the end of SAVE, it’s understandable.
Although SAVE has not yet been officially canceled, it’s likely just a matter of time.
Anyone enrolled in SAVE has had their loans placed in anadministrative forbearancefor the past eight months.
You won’t have to worry about resuming payments until this forbearance has ended.
What should SAVE borrowers do next?
Experts encourage SAVE borrowers to explore repayment options through other income-driven repayment plans.
you might check your eligibility and expected monthly payment options using theloan simulatorat StudentAid.gov.
Other IDR planscurrently offermonthly payments that are higher than SAVE, but likely lower than the standard repayment plan.
CNET contributor Dana Miranda recently wrote about exploring her student loanrepayment options.
Without SAVE, she now expects her monthly student loan payment to jump from $0 to $488.
While your payments are paused, Rubin suggests taking steps to prepare.
This might mean adjusting your budget or working with a financial counselor to assess your options.
If you’re facing financial difficulties, talk to your student loan servicer about deferment or forbearance options.
Should borrowers on other IDRs be worried?
For now, Rubin says borrowers should continue making on-time payments.
What’s less clear is how forgiveness through existing IDRs will shake out.
Is Public Service Loan Forgiveness still available?
For those currently enrolled in PSLF, the plan appears safe for now.
However, for borrowers enrolled in SAVE who are working toward PSLF, debt relief could take longer.
This could stretch out your repayment timeline.
The plan does allow for participants to resume PSLF if they get another public service job.
Should you think about refinancing to a private plan?
“It’s very rarely recommended,” Rubin said.
Just because you see low, appealing rates advertised, it doesn’t mean you’ll get that rate.
We have seen buyers with good to excellent credit not get the kind of rates they expected."
