Navigating New Student Loan Changes with the Student Loan Doctor
What to do now if you’re in SAVE, considering forgiveness, or borrowing for the fall semester
ATLANTA, Ga. (ATL Live) - Millions of Americans with federal student loans are navigating major policy changes that took effect July 1, including the phase-out of the SAVE repayment plan and new structures that may change monthly payments.
Dr. Sonia Lewis (The Student Loan Doctor) stopped by WANF’s ATL Live to explain which borrowers are affected right away, what deadlines to watch for, and how to avoid costly repayment missteps. She also discussed how the changes may impact families planning for the upcoming school year, including parents using Parent PLUS loans and graduate students facing updated borrowing limits.
Key Takeaways:
- SAVE repayment plan is being phased out; affected borrowers may need to transition to a new option within 90 days
- New repayment structures include the Repayment Assistance Plan (RAP) and revised standard repayment options
- New borrowing caps impact some graduate student borrowing and Parent PLUS loans
- Some borrowers could see higher monthly payments depending on their new plan and repayment terms
- Borrowers pursuing Public Service Loan Forgiveness should double-check eligibility requirements and repayment timelines with their loan servicer
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