The Trump administration announced on Tuesday that it had proposed a joint settlement with Missouri aimed at officially ending the student loan payment pause that was put in place under former President Joe Biden. This move could have significant implications for millions of borrowers who have been temporarily excused from making payments during the pandemic relief period.
Terminating the 'Saving on a Valuable Education' (SAVE) plan could force approximately 7.6 million enrolled individuals to resume their loan repayments. The US Department of Education stated in a press release that borrowers currently in the SAVE plan forbearance will need to select a new repayment option.
