Is SAVE Dead? Tips for Borrowers Stuck in Student Loan Purgatory
And options foralternative lower-payment plansare dwindling. However, the Department of Educationrecently closed applications for all IDR plans. “In such a scenario, the federal student loan program would likely be transferred to another agency.” Most experts predict management of student loans will be reassigned to the Treasury Department. Current borrowers should expect the same terms as when they originally accepted the loan. Why was SAVE blocked? The Biden administration launched SAVE with an executive order in August 2023....