SAVE Plan Phased Out for 7M Borrowers | Des Moines News

Federal student loan borrowers face a major shift as the popular SAVE plan is being phased out, affecting over seven million people who now have 90 days to switch to the new Repayment Assistance Plan. While the new plan tackles mounting interest by basing payments on 1–10% of income, it’s raising monthly costs for many — especially those who previously paid nothing. Lower-income families may feel the impact hardest, though loan forgiveness is still available after 30 years. Standard plans are also updating with longer terms for lower monthly payments. Plus, new caps are being placed on borrowing limits for undergrads, grads, and parents. Use the Federal Student Aid calculator to find your best path forward. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/6ec74ac04001232f