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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…
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