The Department of Education is putting more than 7 million student loan borrowers on notice they must switch from the Biden administration’s now defunct loan repayment plan to one of the Trump administration’s new options.
The agency’s Office of Federal Student Aid has started sending out notices to borrowers in the Saving on a Valuable Education (SAVE) to enter into one of the Trump administration’s two new repayment options, after a federal appeals court ordered the elimination of the Biden-era program earlier this month.
Loan servicers will contact borrowers on July 1, instructing them to switch plans within 90 days. ...