1.5 million student-loan borrowers left Biden's key repayment plan. Here's what's at stake for the 6 million others.
The first deadline for student-loan borrowers to move off the SAVE repayment plan is approaching at the end of September. Millions still haven't left.
The Biden administration's SAVE repayment plan for student loans, which provided lower monthly payments and shorter debt relief timelines, has seen 1.5 million of the 7.5 million borrowers enrolled on the plan transition to a new repayment option as of Monday morning, according to a Department of Education spokesperson. However, 5.5 million borrowers remain on the plan or have yet to make the switch before the September 29 deadline, which could place them in the most expensive repayment option.
The SAVE plan was eliminated by the Trump administration in spring 2023. Borrowers have reported errors in billing and incorrect delinquency notices, and an ongoing lawsuit seeks to block the forced transfer of remaining SAVE borrowers to new repayment plans.
Written by urgent.news from Business Insider's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
