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U.S. Department of Education Announces Agreement to End SAVE Repayment Plan

On December 9, the U.S. Department of Education (ED) announced a proposed settlement agreement that would end the SAVE (Saving on a Valuable Education) repayment plan. The settlement is pending court approval but would require ED to do the following:

• Not enroll any new borrowers in the SAVE plan
• Deny any pending SAVE plan applications
• Move all SAVE borrowers into available repayment plans

Next Steps for Borrowers Currently on the SAVE Repayment Plan

While the settlement is still pending approval, ED is encouraging borrowers on SAVE to do the following:

• Utilize the Loan Simulator to explore other repayment plans
• Select a repayment plan that best fits their needs and goals

Along with the Federal student loan servicers, ED will reach out to SAVE borrowers in the coming months with more information.

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