SAVE is an income-driven student loan repayment plan that was implemented during former President Biden’s administration.
It lowered monthly student loan payments for millions of borrowers and offered them additional paths to forgiveness.
However, experts don’t expect the Trump administration to defend this income-driven repayment plan.
Instead, they say borrowers should brace for the end of SAVE.
If you’re enrolled in SAVE, here’s what you should probably know.
Read more:Trump’s Funding Freeze Halted.
What Financial Aid and Student Loan Recipients Should Know
Why is SAVE on hold?
Here’s what ED said forbearance means for you:
How long will SAVE remain on hold?
Experts expected the forbearance for SAVE borrowers to last for at least six months into 2025.
Will the Trump administration repeal SAVE?
“There is very little chance that the SAVE plan will survive,” Rubin said.
If SAVE is repealed, borrowers will be able to move to a different income-driven repayment plan.
Rubin suspects borrowers will have 90 days to move to another plan, though the window could be shorter.
What can student loan borrowers do?
Though SAVE is likely to be eliminated, it’s not a certainty.
We’ll need to wait to see what happens in the coming months.
In the meantime, here are three steps experts recommend taking.
you’re free to explore other IDRs using theStudentAid.gov repayment simulator.
