Trump just pulled the plug on student loan breaks and millions of borrowers are about to feel the pain. Education boss Linda McMahon announced that interest charges will start up again on August 1st for nearly 8 million people stuck in the SAVE Plan. She slammed the program as completely illegal and blamed Biden for making fake promises to win votes. McMahon said federal courts already shut down Biden's loan forgiveness schemes. The whole mess leaves Trump's team cleaning up another disaster from the previous administration.
Students better act fast because they have less than a month to switch payment plans or get hammered with interest charges. McMahon told borrowers to jump ship from the SAVE Plan and move to legal options like Income-Based Repayment. The Education Department warned that staying put could block people from getting important benefits and slow down their path to loan discharge. Starting Thursday, nearly 7.7 million borrowers will get direct contact about making the switch. Anyone who ignores the warnings risks getting stuck with mounting interest payments.
The Trump team is taking back control of the student loan system after years of what they call Biden's lawless approach. Borrowers face a tight deadline to prepare for the financial hit coming their way. The administration wants to end the confusion and get students back on legitimate repayment tracks.
Students better act fast because they have less than a month to switch payment plans or get hammered with interest charges. McMahon told borrowers to jump ship from the SAVE Plan and move to legal options like Income-Based Repayment. The Education Department warned that staying put could block people from getting important benefits and slow down their path to loan discharge. Starting Thursday, nearly 7.7 million borrowers will get direct contact about making the switch. Anyone who ignores the warnings risks getting stuck with mounting interest payments.
The Trump team is taking back control of the student loan system after years of what they call Biden's lawless approach. Borrowers face a tight deadline to prepare for the financial hit coming their way. The administration wants to end the confusion and get students back on legitimate repayment tracks.
