SAVE Student Loan Borrowers, You Have Only a Few Days Left Before Interest Restarts. Should You Move to IBR?
The article discusses the impending end of the student loan interest-free period, which is set to resume on August 1st. This means that any remaining student loans under the SAVE plan will start accruing interest again, although they will still be in a general forbearance. The article suggests that borrowers should consider moving to an Income-Based Repayment (IBR) plan, as this could potentially provide some relief. IBR plans base the monthly payments on the borrower's income and family size, potentially leading to lower payments. The article emphasizes that borrowers have a limited amount of time, just a few days, to make this transition before the interest restart takes effect. It encourages students to carefully evaluate their options and make the necessary changes to their repayment plans to avoid the impact of the returning interest charges.
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