More than 7 million student loan borrowers enrolled in the SAVE plan need to change their payment plans for their federal student loans. In December, the Trump administration reached an agreement that would end President Biden’s student loan repayment plan. Now, as millions of student loan borrowers are being forced back into repayment, a certified financial planner offers tips for what borrowers should consider.
As part of the deal, pending court approval, the Department of Education stated that all current SAVE borrowers will have a limited time to enroll in a new plan and begin repayments. They’ll also deny all pending applications.
Robert Persichitte, a certified financial planner at Delagify Financial in Arvada, says now is the time to get a plan in place so you’re prepared and don’t fall behind on your payments…