Broadcast Retirement Network's Jeffrey Snyder discusses what student loan borrowers should do now that the SAVE Plan has been ended with The Institute of Student Loan Borrower's Betsy Mayotte. ...

Core Insights - The SAVE plan has been ruled illegal, ending the Biden-era repayment plan and prompting the Department of Education to transition borrowers to a different repayment option [1] - Over 7 million borrowers have faced uncertainty regarding their repayment plans due to a series of legal rulings [1] - The new repayment plan will likely create challenges for borrowers who were previously benefiting from the SAVE plan's lower payments and shorter path to forgiveness [1] Summary by Category Legal Developments - A district judge ruled the Saving for a Valuable Education (SAVE) plan illegal, reversing a previous decision that had temporarily revived it [1] - The appeals court's decision led to the Department of Education's proposal to eliminate the SAVE plan, which was initially put forward in December [1] Borrower Impact - Millions of borrowers have been in a payment pause for over a year and a half, which has hindered their progress toward loan forgiveness [1] - The Department of Education will begin moving borrowers from the SAVE plan to the Income-Based Repayment plan, the only income-driven repayment option that will remain available after July 2028 [1] Repayment Plans - The SAVE plan offered lower monthly payments and a shorter qualifying repayment period compared to other plans [1] - Under the Income-Based Repayment plan, borrowers can achieve forgiveness after 20 or 25 years, while the new Repayment Assistance Plan will require 30 years for forgiveness [1] - Certain types of forbearance and deferment will still count toward time-based forgiveness, allowing borrowers to progress while on payment pauses [1]

SAVE Plan Exit Strategy: Should You Leave Now Or Wait It Out? https://t.co/AqGyM0eIlz (📸: Anna Moneymaker via Getty Images) https://t.co/s3fN0Y6xeK ...