Student loan borrowers confused as SAVE plan end looms

UPI

Betsy Mayotte, president and founder of the Institute of Student Loan Advisors, told UPI that the borrowers her organization hears from are more frequently expressing confusion over which plan is best for them.

“We’ve seen borrowers whose SAVE payment was $40 and their next lowest payment on a new plan is $400,” Mayotte said.

For many borrowers, they will be able to switch plans directly on the Federal Student Aid website. In most cases, this will be the simplest way to switch, Mayotte said. However, in some cases, this can create problems with unduly high payment requirements due to a glitch in the Department of Education’s website.