Student loan borrowers exiting SAVE may face sharply higher payments if they don't take action soon

Many federal student loan borrowers could see their monthly bills double or even triple in the coming weeks if they don't exit a now-defunct affordable repayment plan . Earlier this year, the Trump administration alerted borrowers that they'd have roughly 90 days to transition from the Saving on a Valuable Education, or SAVE, plan to another program. That period began July 1 for some SAVE borrowers, meaning their deadline is just days away, on Sept. 29. Servicers have been notifying their borrowers in waves , so many borrowers have more time. The Biden administration-era income-driven repayment plan SAVE offered very low monthly payments to many loan holders but was ultimately overturned by Republican-led legal challenges and legislation.