What student loan borrowers need to know before switching from the SAVE Plan

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“This is like the perfect storm,” said Betsy Mayotte, the President of the Institute of Student Loan Advisors, a nonprofit that offers free student loan advice. “Gas prices are huge, healthcare costs have gone way up and now their student loan payment is likely at a much higher payment than they’ve had in the past.”

“There’s a lot of confusion. People are angry, they’re anxious,” Mayotte said.

Ultimately, Mayotte says to find a plan where you can pay the least amount out of your own pocket in the long run.

“Most people are going to pay their loans off in full themselves,” Mayotte said. “So, with that in mind, you shouldn’t necessarily be looking for what’s the lowest payment I can possibly get. You should be looking for what’s the highest payment I can afford to pay, because the faster you pay the loans off, the less you’re going to pay in interest.”