Your Student Loan Payments Could Soar if You're Enrolled in SAVE. Here's How Much More You Might Pay

Payments likely won't resume before the end of the year. But when they do, yours are likely to go up. Getty Images/CNET The Biden administration's Saving on a Valuable Education (SAVE) plan offered relief to millions of federal student loan borrowers. Under this income-driven repayment (IDR) plan, around 8 million borrowers would have seen their monthly payments capped at a portion of their income -- with roughly half of these borrowers owing $0 per month. But with SAVE officially struck down, your monthly payments are likely to increase if you're enrolled in the plan. "The payment is likely going to go up for borrowers enrolled in SAVE," confirmed Elaine Rubin, a student loan policy expert for Edvisors and CNET Money expert review board member. Experts don't expect the payment pause to lift any sooner than December of this year, and some predict borrowers won't be required to make payments until mid-2026. But regardless of when payments resume, you should be prepared to face higher ... Read full article.