To make sure I’m on the right page
Official notice goes out July 1
We’re all obviously going to wait 80 days to switch, which puts us around Sept 19th to do our applications.
It can take up to 30-90 days for application approval.
So we should be expecting our first loan payments to be November 2026 at earliest, January 2027 at latest.
Is this correct?
Timeline for SAVE forbearance ending
byu/Ok_Cantaloupe4451 inStudentLoans
Posted by Ok_Cantaloupe4451
4 Comments
It looks that way. I’m guessing the “notices” going out before 7/1 are just trying to pressure people off, but there’s no reason to switch until RAP is available so I’m guessing the 90 day window after 7/1 is the real timeframe to swap.
I’ll probably go ahead and submit pretty soon after 7/1 because they’ll screw up my payment amounts and I’ll have to fight with them for a month or two to get it right.
Can we switch to IBR instead of RAP?
That’s my understanding. My concern though is that if it takes 30-90 days for approval, if I submit my application on day 80 and it gets approved 90 days from then – will they hit me with 3 months’ worth of a bill??
I just got the email from the department of education informing me of SAVE ending.
This is what it says:
“”Our records show that you are currently enrolled in the Saving on a Valuable Education (SAVE) Plan or have a pending SAVE application. A recent court order ended the SAVE Plan. It is no longer available to borrowers, and the U.S. Department of Education (ED) is ending the SAVE Plan over the coming months. You must take action.
Your student loan servicer will contact you about your specific deadline to choose a different repayment plan. Once you hear from your loan servicer, you will have 90 days to choose another repayment plan. This gives you ample time to select the plan that works best for you.
Our newest repayment plans—the Repayment Assistance Plan (RAP) and Tiered Standard Plan—will be available starting on July 1, 2026. For many borrowers, RAP may be the best option. All borrowers currently enrolled in the SAVE Plan will have the opportunity to enroll in RAP.
Like other income-driven repayment (IDR) plans, RAP will offer an affordable monthly payment based on your income and number of dependents. Many borrowers will also qualify for monthly payment matching, which includes interest subsidies and principal reductions that could reduce your student loan balance. Most importantly, under RAP, and unlike some of the other IDR plans, your balance can never go up as long as you make your required monthly payments.
If you don’t want to wait until July 1, you can choose a different repayment plan now. Use our tool to estimate monthly payments, determine your eligibility, and choose the available repayment plan that best meets your needs and goals.
Explore Different Repayment Plans
If you do not choose a new repayment plan by the deadline set by your servicer, you will be automatically placed in a different repayment plan. The plan you will be moved to depends on your circumstances. ED and your loan servicer will provide details about which repayment plan you will be moved to if you don’t choose a plan by the deadline set by your servicer.
If you are not enrolled in the SAVE Plan, did not submit an application for the SAVE Plan, already applied for a new repayment plan, or no longer have a balance on your federal student loans, you do not need to take any action.”@