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7 Million Borrowers Face Higher Payments Under New Repayment Plans

3/31/2026

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Summary

Story summary

The U.S. Department of Education says more than 7 million borrowers formerly in the now-defunct SAVE plan must choose a new repayment plan starting July 1.
Many borrowers could face higher monthly payments under the new options.
The Public Service Loan Forgiveness (PSLF) Buyback program will base costs on less favorable repayment plans.
Advocacy groups warn these changes may push students toward risky private loans and worsen affordability.

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Story summary

The U.S. Department of Education says more than 7 million borrowers formerly in the now-defunct SAVE plan must choose a new repayment plan starting July 1.
Many borrowers could face higher monthly payments under the new options.
The Public Service Loan Forgiveness (PSLF) Buyback program will base costs on less favorable repayment plans.
Advocacy groups warn these changes may push students toward risky private loans and worsen affordability.