The Times of India News

SAVE forbearance ending soon in the US: What student loan borrowers need to know about switching to a new IDR plan

SAVE forbearance in the US is ending soon, affecting over 7.6 million student loan borrowers enrolled in the Biden-era SAVE plan. Borrowers must choose new income-driven repayment, or IDR, plans, including IBR, PAYE, ICR, or the upcoming RAP. Those pursuing Public Service Loan Forgiveness can use the PSLF Buyback option. For borrowers unable to pay, unemployment, economic hardship, and other deferments may be available. Early planning is essential as the US Department of Education begins outreach.