More than 7 million student loan borrowers enrolled in a Biden-era repayment plan will begin receiving notices on Friday with instructions to seek a new repayment plan, the Education Department said.
Borrowers enrolled in the SAVE plan, struck down by a federal court earlier this month, have been in forbearance since July 2024 as a legal battle played out in courts. Starting July 1, loan servicers will begin issuing notices giving borrowers 90 days to select a new repayment plan.
The available repayment plans will result in higher monthly payments for most borrowers.
When Alexis Arredondo graduated from the University of California, Los Angeles, in 2024 with a degree in microbiology, he struggled to find full-time work in research…