Federal Student Loan Borrowers Face Higher Payments Amid Repayment Plan Changes

Millions of federal student loan borrowers, particularly those previously on the SAVE plan, are facing significant payment increases and shifting deadlines to select new repayment plans. Borrowers are being notified to choose a new plan within 90 days, with many seeing monthly payments rise by at least $500. The Department of Education may place those who miss the deadline into a standard repayment plan with even higher payments.