Education Department sets deadline for student loan borrowers to get out of SAVE Plan

The Education Department announced Friday that student loan borrowers will have to get out of the Biden-era Saving on a Valuable Education (SAVE) Plan by the end of the summer.  

More than 7.5 million borrowers are still in the SAVE Plan after a court officially terminated what had been called the most generous student loan repayment option available.  

On July 1, borrowers will be notified they have 90 days to switch out of the SAVE Plan to another option, or they will be automatically put into one of two new student loan repayment plans. 

“Today’s guidance, which every borrower enrolled in the defunct SAVE Plan will receive over the next week, puts the Biden........

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