Student-loan borrowers thought they had 90 days to find a new repayment plan. That timeline is shifting.
Student-loan borrowers enrolled in the Biden-era SAVE plan are facing shifting deadlines to transition to new repayment plans. Failure to switch could result in significantly higher monthly payments and potential default.
Why it matters
The transition impacts millions of borrowers, creating financial uncertainty and potential economic hardship for those unable to manage standard repayment plans.
President Donald Trump's administration is requiring student-loan borrowers to transition off the SAVE repayment plan. Win McNamee/Getty Images Student-loan borrowers are receiving 30-day "final notices" to transition to a new repayment plan. New research said that borrowers who do not switch to an income-based plan could face "much higher" payments. The higher bills put borrowers at risk of default. The deadline for student-loan borrowers to pick a new repayment plan keeps shifting — with higher payments looming . September 29 was the initial deadline for the earliest wave of borrowers on the SAVE income-driven repayment plan to pick a new plan. If they didn't, they would be automatically placed on a standard plan with the highest payments.
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