September 11, 2025
The SAVE Student Loan Forgiveness Program is pretty much dead in the water. Don’t know what the SAVE Program is? The SAVE program was created under the Biden Administration. The SAVE program aimed to make it easier for borrowers to manage their payments and eventually have their loans forgiven. It was the most […]
THE SAVE PROGRAM IS DEAD. NOW WHAT?
The SAVE Student Loan Forgiveness Program is pretty much dead in the water.
Don’t know what the SAVE Program is?
The SAVE program was created under the Biden Administration. The SAVE program aimed to make it easier for borrowers to manage their payments and eventually have their loans forgiven. It was the most generous of the income-based repayment plans. It even kept the interest from growing if you paid on time each month. With this plan you would also get to forgiveness faster.
No wonder the lawsuits from republican attorney generals came. It was a plan under Biden and it helped the middle class so it must be stopped. (Insert rolling of the eyes)
Legislators are ending the program which means that people will need to move out of it sooner than later. Right now there are no monthly payments, but interest is accruing which means your student loan balance is growing more and more each and every month.
What Should You Do If You Are In SAVE?
If you’ve been benefiting from the SAVE program, it’s necessary to be proactive now that the program is winding down. Here are the 3 initial steps you need to take:
- Review Your Loan Repayment Status
First things first: check your loan balance and repayment status on the official Federal Student Aid website (FSA). You’ll want to see if there are any changes since the end of the SAVE program.
Make sure your loan servicer has all the correct details about your income and job, especially if you’re working in a public service field. Student loan servicers are known to make mistakes so if I were you I would take screen shots just in case there are any issues in the future.
2. Update Your Contact Information
Stay on top of changes by updating your contact information with your loan servicer. You’ll receive important notifications about upcoming changes in repayment, any potential changes to your plan, and more.
Make sure you know if there are any changes with who your servicer is because there could be changes in the near future. Mohela continues to get in trouble and there are rumors that they may be replaced.
3. Find A New Plan To Enroll Into
SAVE is not going to be fully implemented so you need to find another repayment plan to go into. Everyone’s situation is different so it is important to head over to www.StudentAid.gov and see what your options are.
I will say this one more time. It is important to be proactive. If you wait to take action you are going to be stuck in a stressful situation with millions of others who are also in the SAVE program.
Thanks to the passing of the Big Beautiful Bill the student loan repayment landscape has become increasingly confusing. That is why this Sunday September 14th at 7pm est I will be doing a Student Loan Masterclass. This class is to help avoid the negative financial changes coming because of the legislation.
These changes have the potential to:
- Make your monthly payments higher.
- Cause you to be removed from the repayment plan you are on.
- Make you have to pay monthly payments longer than you planned.
- Make it harder for you to go back for an advanced degree.
- Much more!
This is your opportunity to get ahead of the negative changes that are coming and for you to get in the best possible position financially to handle what comes next.
Those who should be in the Masterclass:
- Those in the SAVE program
- Those in PSLF
- Parent Plus Borrowers
- Those who want to get an advanced degree
- Anyone repaying a student loan
This Masterclass is going to help with student loan forgiveness for those that still qualify and for everyone else the information is to make sure you are not paying thousands of dollars more than you have to. It is to make sure you have all the information you need to decide what best works for you.
If you have student loans that you have to repay make sure to get you a spot in class here. Don’t worry if you can’t make it live because there will be a replay of the class available.
Thank you for taking the time to read this blog post, and feel free to share this with others!
