SAVE Student Loan Borrowers, Interest Restarts on Friday. Should You Move to IBR Now?

Title: Interest Resumes on Student Loans, Prompting Options for Borrowers The article discusses the upcoming restart of student loan interest on Friday, August 1st, and the options available for borrowers. The SAVE (Stopping Accrual of Variable Excess) plan, which has allowed borrowers to pause interest accrual during the pandemic, will end on July 31st. While borrowers are not required to switch plans by August 1st, the article advises considering moving to an Income-Based Repayment (IBR) plan. This would potentially lower monthly payments and prevent interest from accumulating. The article outlines the pros and cons of switching to an IBR plan, such as the potential for reduced payments but the possibility of a longer repayment period. The article emphasizes the importance for borrowers to carefully evaluate their options and make an informed decision before the interest restart on August 1st. It provides a concise overview of the situation and the key considerations for student loan borrowers.