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Today’s Lead Story
Tuesday, May 5

Debt

SAVE Student Loan Plan Shutting Down — 7.5 Million Borrowers Must Switch by October

via U.S. Department of Education

A final rule published May 1 directs 7.5 million borrowers in the now-illegal SAVE plan to move to a new repayment option before October 2026. The Repayment Assistance Plan, launching July 1, caps monthly payments at 1–10% of income and waives accrued interest for on-time payers.

Why it matters

Borrowers who do not switch before the deadline will be automatically moved into the Standard Repayment Plan, which could mean significantly higher monthly payments.

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