Student-loan borrowers thought they had 90 days to find a new repayment plan. That timeline is shifting.
Source: Business Insider ·
More student-loan borrowers are receiving notices that they have an extra 30 days to leave the SAVE repayment plan, extending the transition deadline.
From the source
President Donald Trump's administration is requiring student-loan borrowers to transition off the SAVE repayment plan.Win McNamee/Getty ImagesStudent-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.Now, borrowers have told Business Insider that as their deadline approached at the end of September, they received a 30-day "final notice" to select a new plan, which extended their deadline by one month. Over the past couple of weeks, more borrowers…