Key facts
- November 1 is the expected deadline for student loan borrowers to select a new repayment plan.
- Borrowers who do not select a new plan may be automatically moved to a standard or tiered plan.
- Nearly 2 million of the 7.5 million borrowers on the SAVE plan have already chosen a new plan.
- The SAVE plan, an income-driven repayment option, was eliminated by the Trump administration.
- 9.3 million borrowers are currently in default on their student loans.
Student loan borrowers face a November 1 deadline to choose a new repayment plan, or risk being automatically enrolled in more expensive options. The SAVE plan, an income-driven repayment option, was eliminated by the Trump administration, prompting borrowers to transition. Nearly 2 million of the 7.5 million borrowers on SAVE have already selected a new plan. An Education Department spokesperson confirmed this and recommended borrowers visit StudentAid.gov to select a new plan. The transition comes as student loan defaults are at a record high, with 9.3 million borrowers in default and an additional 1.3 million expected to default in the next six months.