Federal student loan servicers have begun alerting borrowers that they have 90 days to leave the Biden-era SAVE plan. More than 6.9 million borrowers were still in SAVE as of March, with an average debt of close to $55,000.
Borrowers need to be vigilant as each servicer will notify them of their specific deadline to exit.
When do I need to exit the plan?
The earliest deadline to exit SAVE will be September 29, but most borrowers will get more time.
What happens if I do nothing?
Borrowers who do not select another repayment plan within 90 days of being notified will be placed in either the Standard Repayment Plan.
How do I figure out the best new plan for me?
There are online tools available to help you determine how much your monthly bill would be under different federal student loan repayment plans.
