SAVE plan – More than 273,000 student borrowers in Illinois are being told to pick a new repayment plan as the Saving on a Valuable Education (SAVE) plan ends July 1, after a federal court settlement ended the program. Advocates warn the change could hit struggling borrow
For many Illinois borrowers, the timing feels like another bill arriving when money is already gone.
More than a quarter of a million people in the state recently received an urgent email from federal education officials saying they must choose a new student loan repayment plan soon—because the SAVE plan’s most affordable option is set to disappear July 1.
The Saving on a Valuable Education, or SAVE, plan began in early 2024 under former President Joe Biden. That year, nearly 8 million borrowers enrolled nationwide, including around 273,000 in Illinois. For many advocates, SAVE represented a shift toward making payments manageable for borrowers trying to stay afloat as costs rise.
But multiple states challenged the plan in court, and their lawsuit ultimately led to its elimination. In March, a federal court approved a settlement that officially ended the SAVE plan.
Illinois student loan borrowers SAVE plan ending repayment plan July 1 Young Invincibles student debt income-driven repayment Federal Student Aid Nelnet MOHELA Aidvantage forbearance Education Debt Consumer Assistance Program Illinois Student Assistance Commission student loan helpline
So basically they’re ending the one thing that helped and calling it a settlement.
Wait the SAVE plan ends July 1? I swear I just saw something that said student loans were going to be paused or forgiven. This is messed up.
I got that email too, like yesterday, and it was confusing as hell. It says I have to pick another plan but none of them sound affordable. Also isn’t this the same thing as forbearance? Like I thought forbearance was automatic if you can’t pay.
This is why student loans are a scam. They promise one plan, then some court thing happens, then July 1 hits and you’re stuck. I don’t even know who to call—Nelnet, MOHELA, Aidvantage, all of them? It’s like choosing which pile of paperwork to drown in. And why do they always time it around the same month like they’re trying to ruin people’s budgets on purpose?