The Trump administration has reached an agreement to end President Biden’s SAVE student loan repayment plan, potentially forcing millions of borrowers back into repayment. The Education Department will terminate the income-driven SAVE plan for new borrowers and deny pending applications, requiring current enrollees to transition to a new plan soon. The decision comes after a legal battle with Republican-led states, with the Biden administration estimating that the SAVE program would have cost taxpayers over $342 billion. Borrowers are advised to explore other repayment options using the Federal Student Aid Loan Simulator tool.
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