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SAVE Student Loan Borrowers, Interest Restarts on Friday. Should You Move to IBR Now?

Interest will restart for SAVE borrowers whose loans remain in a general forbearance on Aug. 1. Viva Tung/CNET If you're a student loan borrower enrolled in SAVE, you have until the end of the week before interest will begin accruing on your loans. The change doesn't mean you have to switch repayment plans yet, but it could be a good time to make a plan. Earlier this month, the Department of Education announced interest would resume for the nearly 8 million borrowers on the Saving on a Valuabl

SAVE Student Loan Borrowers, You Have Only a Few Days Left Before Interest Restarts. Should You Move to IBR?

Interest will restart for SAVE borrowers whose loans remain in a general forbearance on Aug. 1. Viva Tung/CNET If you're a student loan borrower enrolled in SAVE, you have about a week left to switch repayment plans before interest will begin accruing on your loans. But although interest payments will kick in, the change doesn't mean you have to switch repayment plans yet. Earlier this month, the Department of Education announced that on Aug. 1 interest would resume for the nearly 8 million bo

SAVE Student Loan Borrowers: You Don't Have to Move to IBR by Aug. 1, but You May Want to: Here's How to Decide

Interest will restart for SAVE borrowers whose loans remain in a general forbearance on Aug. 1. Viva Tung/CNET If you're a student loan borrower enrolled in SAVE, you have just over a week left to switch repayment plans before interest will begin accruing on your loans on Aug. 1. While you can't avoid interest, it also may not make sense for you to switch payment plans just yet. Earlier this month, the Department of Education announced that interest would resume for the nearly 8 million borrow

460,000 Student Loan Borrowers Seeking Lower Payments Will Be Denied. What to Do If You're One of Them

The Department of Education will deny nearly half a million student loan borrowers who applied for the lowest repayment plan based on their income. Getty Image/Zooey Liao/CNET Nearly half a million federal student loan borrowers who applied for lower monthly payments will be denied by the Department of Education. Based on internal documents obtained by Politico, the department is rejecting 460,000 student loan borrowers who selected the lowest payment option based on their income. For most app

SAVE Student Loan Borrowers Have Less Than 2 Weeks Before Interest Restarts. Here's What to Do

Interest will restart for SAVE borrowers whose loans remain in a general forbearance on Aug. 1. Viva Tung/CNET If you're a student loan borrower enrolled in SAVE, you may feel pressured to switch to a new repayment before interest payments restart on Aug. 1. Although we know that you'll eventually have to move off this payment plan, you're not required to make any moves before August. In some cases, it might be better to remain in the general forbearance. Earlier this month, the Department of

SAVE Student Loan Borrowers Are Up Against an Aug. 1 Deadline. Here's What Experts Suggest

Interest will restart for SAVE borrowers whose loans remain in a general forbearance on Aug. 1. Viva Tung/CNET If you're a student loan borrower enrolled in SAVE, do you have to switch to a new repayment before interest payments restart in August? That's the question on millions of borrowers' minds, but the answer depends on your forgiveness options and financial situation. "It's crucial for borrowers to act based on their own personal situation," said Elaine Rubin, a student loan policy exper

Do Student Loan Borrowers in SAVE Need to Do Anything Before Aug. 1?

Interest will restart for SAVE borrowers whose loans remain in a general forbearance on Aug. 1. Viva Tung/CNET As the old adage goes, the only constant student loan borrowers enrolled in SAVE have experienced over the past two years is a perpetual state of change. Last week, the Department of Education announced that interest would resume for the nearly 8 million borrowers in the Saving on a Valuable Education plan on Aug. 1. That gives borrowers roughly two weeks to decide if they want to mov

Student Loan Update: Here's What SAVE Borrowers Should Do Before Aug. 1

Interest will restart for SAVE borrowers whose loans remain in a general forbearance on Aug. 1. Viva Tung/CNET Starting on Aug. 1, borrowers who are enrolled in the Saving on a Valuable Education plan will begin accruing interest charges on their loan balances. The Department of Education is encouraging borrowers to pick a new payment plan, but you also have the option to leave your loans where they are. The Department of Education "urges all borrowers in the SAVE plan to quickly transition to

Interest Restarts for SAVE Student Loans on Aug. 1. Should You Switch to Another Payment Plan by Then?

Interest will restart for SAVE borrowers whose loans remain in a general forbearance on Aug. 1. Viva Tung/CNET Starting on Aug. 1, borrowers who are enrolled in the Saving on a Valuable Education plan will begin accruing interest charges on their loan balances. The Department of Education is encouraging borrowers to pick a new payment plan, but you also have the option to leave your loans where they are. The Department of Education "urges all borrowers in the SAVE plan to quickly transition to

Should Student Loans Borrowers in SAVE Switch to Another Repayment Plan? It's Complicated

Interest will restart for SAVE borrowers whose loans remain in a general forbearance on August 1. Viva Tung / CNET Starting Aug. 1, borrowers enrolled in the Saving on a Valuable Education plan will start accruing interest charges on their loan balances. The trouble is, their payments remain on hold in a general forbearance. Now they're being encouraged to choose a new payment plan or face interest charges. The Department of Education "urges all borrowers in the SAVE plan to quickly transition

Student Loan Update: Here's What SAVE Borrowers Should Do by August 1

Interest will restart for SAVE borrowers whose loans remain in a general forbearance on August 1. Viva Tung / CNET Federal student loans for those who are enrolled in the Saving on a Valuable Education plan have been in an interest-free forbearance for a year while the income-driven repayment plan was challenged in court. Although SAVE has been officially blocked in the courts, borrowers' loans are still in limbo. Now, borrowers are being encouraged to choose a new payment plan or face interest

SAVE Borrowers, Your Student Loans Will Start Accruing Interest Again on Aug. 1: What to Know

Getty Images/Zooey Liao/CNET It looks like time has run out for the nearly 8 million student loan borrowers enrolled in SAVE. The US Department of Education announced that loans will resume accruing interest on Aug. 1. Borrowers enrolled in the Saving on a Valuable Education Plan, a product of the Biden administration, have been in limbo since June 2024, when Republican opponents challenged the plan and later struck down by a federal court. Since then, borrowers have had their loans placed in

Student Loan Repayment Plans Will Last as Long as Most Mortgages. How Much the New Budget Bill Will Cost You

The Republican-led policy bill cuts repayment plans to two options for future borrowers. Getty Images/Zooey Liao/CNET The Republican-led "One Big Beautiful Bill" was signed into law by President Donald Trump last week, which will result in major changes to student loans, including fewer repayment options, caps on borrowing and new rules for Pell Grants. The nearly 900-page bill means a lot of changes for taxes and Medicare, but its impact on higher education could alter how colleges operate an

GOP Budget Bill Reduces Student Loan Repayment Options and Limits Borrowing. What You Need to Know

Republican lawmakers have proposed major changes to student loans, which would affect current and future borrowers. Liudmila Chernetska/Getty Images/CNET Congress is one step closer to passing federal student loan changes in the Republican-led "One Big Beautiful Bill." The Senate narrowly passed its version of the budget bill earlier this week, and it is now back in the House. If the House does decide to pass the bill as is -- and there could be more amendments, so nothing is final -- borrower

GOP Student Loan Overhaul: Here's Who Will See Lower Monthly Payments and Who Will Pay More

Republican lawmakers have proposed major changes to student loans, which would affect current and future borrowers. Liudmila Chernetska/Getty Images/CNET Republicans in Congress are moving closer to overhauling the federal student loan system with budget legislation that, following US President Donald Trump's lead, they call "One Big Beautiful Bill." House Republicans passed their version of the bill in May, and the GOP-majority Senate's Committee on Health, Education, Labor and Pensions releas