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Save student loan plan ends today, here’s what millions need to know

Stay up to date with notifications from The IndependentNotifications can be managed in browser preferences.AllNewsSportCultureLifestyle(Getty Images)Significant changes to federal student loans, including the end of certain payment plans and new loan limits, are scheduled to take effect on July 1, potentially leading to increased monthly payments for millions of borrowers. The SAVE repayment plan has concluded, impacting approximately 7.5 million enrolled borrowers who must now choose an alternative income-driven repayment plan within 90 days of receiving official notification, with processing delays expected. New federal student loan caps for graduate programs are set at $200,000 for professional degrees and $100,000 for other graduate programs, though a revised rule restores higher eligibility for certain fields; Parent PLUS Loans also face new limits and reduced repayment options for new borrowers. Borrowers taking out new loans after July 1 will have fewer income-driven repayment plan options, while those enrolled in auto-pay will receive a temporary 1% interest rate reduction through June 2028. The Public Service Loan Forgiveness program remains unchanged despite attempts to alter eligibility, and involuntary collections on federal student loans for borrowers in default continue to be on hold. In fullGoodbye, SAVE plan: Here’s what options you have to repay federal student loansThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in

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