00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Student loan borrowers enrolled in the SAVE repayment plan need to move into another plan
00:07after a federal appeals court ordered the Biden-era program to end, according to CNBC.
00:12Loan servicers began notifying borrowers this month,
00:14and borrowers will have 90 days from their notice to switch plans.
00:18More than 6.9 million borrowers were still enrolled in SAVE as of March,
00:22with an average debt of close to $55,000.
00:26SAVE borrowers will face new repayment options under Trump's One Big Beautiful Bill Act,
00:31with the changes taking effect July 1st.
00:33The earliest deadline to leave SAVE is September 29th,
00:36though most borrowers will get more time as notices are sent in waves.
00:40Borrowers who do not choose another plan will be placed in the standard repayment plan
00:44or the new tiered standard plan.
00:46Borrowers can also consider income-driven plans,
00:49including the new repayment assistance plan, IBR, PAYE, or ICR.
00:54For all things money, visit Benzinga.com.
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