Student loan borrowers got hit with another wave of bad news this week after the Education Department announced a settlement agreement that will end the SAVE plan. The SAVE plan had offered millions of borrowers affordable monthly payments tied to their income and a path to eventual student loan forgiveness. With the program now officially getting nixed, millions of borrowers with student loans enrolled in SAVE will need to switch to a different repayment plan.
“Ripping the SAVE plan away from student loan borrowers now without access to a clear and affordable alternative is reckless and short-sighted, creating even more needless confusion…
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