SAVE Plan Update - ACTION NEEDED
Hello,
I am sure lots of others got the same email. The first email was 90 days to choose a repayment now the email from today is 30 days to choose a new repayment plan. I am curious, if I don't take action on this will my payment be due in 60 days or will it take them a lot longer to figure it out? I have about 14 payments left with PSLF, but was hoping to start payments around January not right away. Would appreciate any insight others may have.
Email said:
SAVE Plan Update - ACTION NEEDED: You will be Placed into a New Repayment Plan in 30 Days
A recent legal settlement ended the Saving on a Valuable Education (SAVE) Plan, and it is no longer available to borrowers. As a result of the settlement, MOHELA was directed by the U.S. Department of Education (ED) to move all borrowers out of the SAVE Plan. We previously notified you that you had 90 days to select a new repayment plan; otherwise, you would be placed into another plan. You did not take action within that 90-day period. This is your FINAL NOTICE. If you do not take immediate action to select a repayment plan, we will place you into a repayment plan in 30 days. If you're currently enrolled in the SAVE Plan but do not submit a new application for a different repayment plan within 30 days, you will be placed on the Standard Repayment Plan. If you have a new loan that entered repayment on or after July 1, 2026, we will place you on the Tiered Standard Plan.