Federal Student Loan SAVE Plan Ends, Borrowers Must Choose New Repayment Option

Millions of federal student loan borrowers previously enrolled in the Saving on a Valuable Education (SAVE) repayment plan are now required to transition to a new repayment option, as the federal government has ended the program. Borrowers in SAVE-related forbearance face an important financial decision, with potential automatic enrollment in plans with higher monthly payments if they miss their individual transition deadlines. Approximately 7.5 million borrowers were enrolled in the SAVE program when the transition was announced.