More than 7 million student loan borrowers who have been enrolled in a Biden-era repayment plan will receive notices beginning Friday with instructions to seek a new plan to repay their debt, the Education Department said.
Borrowers enrolled in the SAVE plan, which was struck down by a federal court earlier this month, have been in forbearance since July 2024 as a legal battle played out in courts. Starting July 1, loan servicers will begin issuing notices giving borrowers 90 days to select a new repayment plan.
The available repayment plans will mean higher monthly payments for most of those borrowers.
