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Home»Personal Finance»Lower SAVE Student Loan Payments Can Proceed, Court Rules
Personal Finance

Lower SAVE Student Loan Payments Can Proceed, Court Rules

July 7, 2024No Comments3 Mins Read
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The federal court has lifted an injunction that was preventing lower student loan bills for borrowers enrolled in the Saving on a Valuable Education (SAVE) repayment plan. However, an injunction in a separate lawsuit is still blocking SAVE loan forgiveness. This affects up to 8 million borrowers in the SAVE program, representing approximately 1 in 5 Americans with federal student loans.

Lower student loan payments for SAVE borrowers with undergraduate loans are set to begin in July. On the other hand, accelerated 10-year loan forgiveness for SAVE borrowers with $12,000 or less in principal loan debt remains on hold. Other components of the SAVE plan, such as protection against interest accrual, remain in place.

Borrowers entitled to lower payments may not receive a student loan bill in July as student loan servicers recalculate their monthly payments. The Department of Justice is actively defending the SAVE Plan, with President Biden, Vice President Harris, and Secretary of Education Miguel Cardona committed to making college more affordable for Americans.

Updates on these legal proceedings will be shared directly with borrowers. Borrowers are advised to log in to their servicer’s online portal to view the latest information on their monthly payment amount. For further updates on the SAVE lawsuits, they can visit StudentAid.gov and subscribe to the Education Department’s email list.

The Education Department has directed servicers to implement the July 1 SAVE plan changes following the recent ruling. Borrowers with undergraduate loans will see their monthly SAVE payments reduced by up to half. Other benefits of the SAVE plan, such as automatic forgiveness credit for forbearances and deferments, will also proceed as planned.

The injunction blocking the accelerated 10-year SAVE forgiveness for borrowers with small principal balances is still in effect. Borrowers who have already received SAVE forgiveness are not at risk. The legal proceedings regarding this aspect of the SAVE plan are ongoing, with updates expected in August.

Borrowers are encouraged to reach out to their servicers if they have any questions or concerns regarding their student loans. The impact of the lawsuits on borrowers varies depending on their specific situation. If borrowers have $0 payments, they can continue earning credit towards forgiveness programs. If they have a bill for July, they should make the payment as scheduled.

In case servicers emailed them about a forbearance, they won’t owe a July payment and will resume payments in August. Borrowers interested in signing up for SAVE and other IDR plans can still do so, although the online applications were temporarily taken down. The online application process is expected to be reinstated soon, but borrowers can still submit PDF applications in the meantime.

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