On July 1, the Biden-era Saving on a Valuable Education plan (better known as the SAVE plan) will end; limits will be imposed on how much graduate students and parents (through the Parent PLUS loans) can borrow in federal student loans, and a graduate borrowing program will end. #Studentloans #Saveplan #Collegeloandebt
Borrowers face substantial changes to student loans beginning next month, including fewer repayment options under President Trump's tax-and-spending law and the final death blow for the dismantled SAVE plan. Why it matters: Millions of borrowers must pick a new repayment plan, and some will face tighter borrowing caps and higher repayments. Here are some of the biggest July 1 changes: Sayonara, SAVE Plan: After years of legal limbo and paused repayments, SAVE Plan borrowers will now receive notices to enroll in a different repayment plan within 90 days. - If a borrower doesn't do so, they'll be automatically enrolled in the standard repayment plan . Those who have to switch repayment plans but don't expect to take out any new federal…
New rules mean that parent PLUS loans have to be consolidated into a new loan by June 30 for parents to keep affordable payments. But the deadline is really earlier to allow time for processing.