My Student Loan Payment Will Jump From $0 to $488 After SAVE Ends. Yours Might Too

Millions of student loan borrowers like myself haven't made a student loan payment since March 2020. With the end of the Saving on a Valuable Education plan imminent, I'm making adjustments to prepare for a hefty student loan bill. Like many borrowers, my federal student loans were placed into an emergency forbearance during the start of the pandemic in 2020. Before the pause, my monthly student loan payment was around $40. After moving onto the Biden's administration's SAVE repayment plan in 2023, my monthly payments dropped to $0. But SAVE received pushback from several Republican states, pushing my student loans, along with millions of other borrowers, into another forbearance period while the courts ruled on the legality of the student loan plan. Last month, the courts officially struck down SAVE, and experts don't expect the Trump administration to defend this income-driven repayment plan. With SAVE on its way out, here are my repayment options for my $63,493 student loan debt. ... Read full article.