"It's looking like SAVE can't be saved - and it'll mean millions of borrowers could soon face higher monthly payments. On Tuesday, President Donald Trump's Department of Education announced a settlement with the State of Missouri to officially end the SAVE student-loan repayment plan. Since last summer, SAVE - created by former President Joe Biden - has been paused due to litigation from Missouri and other GOP-led states."
"If a court approves the settlement, the department will stop accepting new applications to SAVE, require borrowers to transfer to an existing plan, and resume payments. The Trump administration is "bringing an end to this deceptive scheme," Nicholas Kent, the undersecretary of education, said in a statement. "The law is clear: if you take out a loan, you must pay it back." The next steps for the SAVE student-loan repayment plan"
President Donald Trump's Department of Education announced a settlement with Missouri to officially end the SAVE student-loan repayment plan. If a court approves the settlement, the department will stop accepting new SAVE applications, require the roughly 7 million enrolled borrowers to transfer to an existing repayment plan, and restart payments. An additional 450,000 borrowers who expressed interest in SAVE would also be affected. SAVE was created to offer affordable monthly payments and a shorter timeline for loan forgiveness but has been paused since last summer due to litigation from Missouri and other GOP-led states. Borrowers switching plans would likely face higher monthly payments.
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