The first deadline for student-loan borrowers to pick a new repayment plan is approaching after a 30-day extension
Source: Business Insider ·
After receiving 30-day "final notices" to transition off the SAVE plan, the first batch of student-loan borrowers has to take action by November.
From the source
President Donald Trump's administration said it will place student-loan borrowers on the most expensive repayment plan if they do not voluntarily move off the SAVE plan.Alex Wong/Getty ImagesThe first deadline for student-loan borrowers to leave SAVE is at the beginning of November.It follows a 30-day extension for borrowers to select a new repayment plan.The department said borrowers who do not select a new plan will be placed in a standard or tiered plan.Student-loan borrowers are coming up on the first deadline to transition off a key repayment plan.Beginning July 1, borrowers who were enrolled in SAVE — the Biden-era plan that allowed for lower payments — began receiving notices with a 90-day timeframe to transition off the plan after the Trump administration eliminated it.That set the deadline for the first batch of borrowers at the end of September. However, those borrowers then received a "final notice" that they had 30 more days to select a new plan or be automatically placed…
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