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SAVE Plan Ends July 1 Major Loan Changes | Dayton News
Big changes start Wednesday, July 1, for federal student loan borrowers: the popular SAVE plan is ending, forcing millions to switch to new repayment options that could raise monthly payments. New plans — RAP and Tiered Standard — will also become the only options for new loans after July 1, while older plans like PAYE may still be available if payments would be lower. Graduate students and parents face new borrowing caps: Parent PLUS loans capped at $20K/year and $65K lifetime, and graduate borrowing limits are now enforced for the first time. All federal loans now have a lifetime cap of…
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