- Veteran Affairs. 70 Percent VA Disability: How much is the monthly compensation for a veteran with 2 parents?
- Personal Finance. Judge blocks Trump's plan to dismantle Education Department: What risks are avoided in student loans?
Eight million student loanborrowers are in limbo after the cancellation of the Saving on a Valuable Education (SAVE) plan. Although payments are still in forbearance, borrowers are nervously waiting to know when they will restart and how much their fees will increase. If that's your case, read on for details.
It's still not clear when payments will restart for those enrolled in SAVE. The Department of Education previously reported that they could restart in December 2025, but several experts have said the deadline will be extended until mid-2026.
With SAVE off the table, borrowers will have to enroll in one of the other available plans. Most of these programs offer higher monthly payments than SAVE, and the few that offer lower payments extend the life of the loan by almost double. Here are some examples to help you choose the one that's best for you.
How much will my student loan increase?
Although income-driven repayment (IDR) programs are a good alternative for keeping monthly payments low, even they are far higher than SAVE. Using the Federal Student Aid Loan Simulator, CNET calculated how much the increase would be with several of these programs, based on a debt of $30,000 with an annual income of $60,000.
Under these criteria, the monthly payment with SAVE was $217 or less. With other plans, your fees will increase by between $70 and $370 per month. Here are the numbers, along with the date you would pay off your loan if you start repayment today:
Income-Contingent Repayment:
- Monthly Payment: $290
- Total Due: $43,919
- Termination Date: September 2037
Income-Based Repayment:
- Monthly Payment: $312
- Total Due: $41,473
- Termination Date: August 2035
Pay As You Earn:
- Monthly Payment: $312
- Total Due: $41,473
- Termination Date: August 2035
Standard Repayment:
- Monthly Payment: $341
- Total Due: $40,932
- Termination Date: April 2035
Graduated Repayment:
- Monthly Payment: $196 - $589
- Total Due: $43,916
- Termination Date: April 2035
Extended Repayment:
- Monthly Payment: $203
- Total Due: $60,937
- End Date: April 2050
Can I refinance with a private lender?
Everything will depend on your credit score. If you want a low interest rate, your credit history must be impeccable. Even so, experts warn against refinancing a federal loan with a private lender, as this will mean losing any discount plans or benefits that may arise in the future.
The decision isn't easy. However, being informed is the first step to choosing the plan that best suits you and starting on the path to financial freedom.