Federal Student Loan Borrowers Face New Repayment Plan Choices as SAVE Plan Ends

The National Education Association (NEA) reports on significant changes to federal student loan programs, including the end of the SAVE plan. Borrowers previously enrolled in SAVE will receive letters from the Department of Education, giving them 90 days to choose a new income-driven repayment plan from options like the new Repayment Assistance Plan (RAP), PAYE, IBR, and ICR. Failure to choose will result in automatic enrollment in the Standard Tiered Plan, which does not qualify for Public Service Loan Forgiveness.