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Read previewSome student-loan borrowers are set to get cheaper bills next month — but the Education Department is still working on those new calculations.
Last summer, President Joe Biden's Education Department launched the SAVE plan — a new student-loan repayment plan intended to make payments more affordable for borrowers with a shorter timeline to loan forgiveness than prior income-driven repayment plans.
Aside from SAVE's implementation, the student-loan servicing industry is undergoing a series of changes that are impacting borrowers' user experience.
For example, the Education Department is transitioning the Public Service Loan Forgiveness program away from servicer MOHELA and is instead splitting up PSLF accounts among other servicers to be overseen by Federal Student Aid.
Persons:
—, Joe Biden's, Vanessa Harmoush, servicer
Organizations:
Service, Education Department, Joe Biden's Education Department, Business, New York Times, SAVE . Education, SAVE, Federal Student Aid, The Education Department