Student Loan Servicers Begin 90-Day Period for Borrowers to Exit SAVE Plan

MT Newswires Live07-07

Student loan servicers have begun notifying borrowers enrolled in the Saving on a Valuable Education (SAVE) plan that they have 90 days to switch to another repayment plan after receiving their notice, CNBC reported Monday.

The notices follow a federal appeals court ruling that ended the Biden-era SAVE plan. The earliest deadline to exit the program is Sept. 29, although the US Department of Education said most borrowers will have more time as servicers roll out notifications through March 2027, the report said.

More than 6.9 million borrowers remained enrolled in SAVE as of March, according to higher education expert Mark Kantrowitz.

The repayment options available to those borrowers were revised under President Donald Trump's tax and spending law, with changes taking effect on July 1, CNBC reported.

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