Why student loan bills are doubling for millions as the SAVE plan...

Why student loan bills are doubling for millions as the SAVE plan ends this August

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Millions of US student loan borrowers will face significantly higher monthly repayments as the SAVE (Saving on a Valuable Education) plan ends this August. The Biden-era programme, which capped payments at 5% of discretionary income and paused interest accrual, is no longer active following announcements by the Trump administration. Borrowers are being urged to transition to the Income-Based Repayment (IBR) plan, which could double their bills. Interest will resume from August 1, impacting millions financially.

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