Since taking office on Jan. 21, there’s been a barrage of sweeping executive orders from President Donald Trump’s administration. Experts say a key student loan program — Saving on a Valuable Education student loan repayment plan — could be next on the chopping block.
SAVE is an income-driven student loan repayment plan that was implemented during former President Biden’s administration. It lowered monthly student loan payments for millions of borrowers and offered them additional paths to forgiveness. However, SAVE has been hung up in the courts for the latter half of 2024, leaving millions of borrowers unsure about the fate of their student loans.
Before the previous administration left office, an email was sent to borrowers, detailing the current status of SAVE, the implications for forgiveness and what you can do now.
“The Biden-Harris Administration has been vigorously defending the SAVE Plan in court to give borrowers more breathing room on their student loans,” the Office of Federal Student Aid wrote in the Jan. 15 email.
However, experts don’t expect the Trump administration to defend this income-driven repayment plan. Instead, experts say borrowers should brace for the end of SAVE and other possible student loan changes.
If you’re enrolled in SAVE, here’s what you need to know.
Read more: Trump’s Funding Freeze Halted. What Financial Aid and Student Loan Recipients Should Know
Why is SAVE on hold?
In 2024, a federal court issued an injunction that prevents ED from using the SAVE plan and from canceling loans that have earned forgiveness under the SAVE, PAYE and ICR plans. During the injunction, loans on the SAVE plan, which first went live in 2023, are in interest-free forbearance.
Here’s what ED said forbearance means for you:
- You don’t have to make monthly payments.
- Interest is not accruing.
- Months in forbearance do not count toward forgiveness under Public Service Loan Forgiveness (PSLF) or income-driven repayment plans.
How long will SAVE remain on hold?
Experts expected the forbearance for SAVE borrowers to last for at least six months into 2025. In one of the last emails from the Biden administration, SAVE borrowers were told payments could remain on hold until December 2025.
However, the Trump administration could change all of this, said Mark Kantrowitz, a student loan and financial aid expert. Kantrowitz doesn’t expect the Trump administration to defend the SAVE plan in court, and if it repeals the SAVE plan, the forbearance period could end sooner.
Will the Trump administration repeal SAVE?
Experts agree that the new administration is likely to look for ways to repeal former President Biden’s Saving on a Valuable Education plan.
How? Kantrowitz expects Republicans to put the student loan income-driven repayment and forgiveness plan on the chopping block as part of a legislative process called budget reconciliation. This process, which can be utilized once a year, only requires a 51-vote to pass in the Senate, as opposed to the usual 60-vote filibuster rule.
Elaine Rubin, a student loan policy expert for Edvisors and CNET Money expert review board member, agrees that SAVE’s days are numbered.
“There is very little chance that the SAVE plan will survive,” Rubin said.
If SAVE is repealed, borrowers will be able to move to a different income-driven repayment plan. Rubin suspects borrowers will have 90 days to move to another plan, though the window could be shorter. If you haven’t already reviewed other IDR options, you can compare your expected monthly payment on other IDRs using the calculator at StudentAid.gov.
What can student loan borrowers do?
Though SAVE is likely to be eliminated, it’s not a certainty. We’ll need to wait to see what happens in the coming months. In the meantime, here are three steps experts recommend taking.
💰 Look into the PSLF “buy back” program, if you qualify
If you’re in the Public Service Loan Forgiveness Program and enrolled in SAVE, you might be able to get credit for months of forbearance by making extra payments through the PSLF Buyback program.
The Buyback program is currently only available to borrowers who have reached the 10-year mark on repayment, but may not be eligible for forgiveness during the SAVE pause.
📋 Review additional income-driven repayment plans
With SAVE unlikely to survive another year, it’s a smart idea to explore what your payments will look like under other income-driven repayment plans. Since SAVE was the most affordable IDR plan for most borrowers, your monthly payment will likely increase on another plan. Compare your monthly payment under different plans so you’ll have an idea of what your new student loan payment could look like.
You can explore other IDRs using the StudentAid.gov repayment simulator.
👩🏽💻 Watch for updates from the Department of Education
Keep an eye out for emails from the student aid office and your servicer, and check StudentAid.gov/saveaction for updates on court actions.
“While there are several unknowns, it’s best for borrowers to stay on top of all correspondence they receive,” Rubin said.
There’s still much that we don’t know about the fate of student loan programs, but Kantrowitz advises borrowers to brace for changes.
“Hold onto your seats, as there will be a roller coaster of a ride over the next four years,” he added.
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