SAVE Student Loan Update: Don't Expect to Make Payments This Year, but Do This One Thing ASAP

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There's been a lot of student loan chatter, but little clarity for borrowers enrolled in the Saving on a Valuable Education repayment plan.

We've witnessed several updates to student loan programs this year, from proposed changes to Public Service Loan Forgiveness eligibility to the ramping up of collections efforts on defaulted student loan accounts to a new Republican-fronted bill seeking to change existing income-driven repayment plan options. But the official rejection of SAVE may have the biggest impact for the 8 million borrowers who qualified for lower monthly payments.

Now that we know SAVE is officially out, what's next? Should you switch to another income-driven repayment plan? Or wait it out? I talked to experts to find out when