What’s Happening With SAVE and Student Loan Refinancing

If you’re one of the millions of borrowers enrolled in the SAVE (Saving on a Valuable Education) plan, you’ve probably gotten a notice recently telling you it’s going away. If you’re not sure what it all means or what to do next, you’re not alone – and we’re here to help.

What’s going on with SAVE?

SAVE was a federal income-driven repayment plan that offered some of the lowest monthly payments available. As of July 1, 2026, the program is ending and SAVE borrowers must choose a different repayment plan. Loan servicers are giving borrowers 90 days to find a new plan, and most borrowers are facing higher monthly payments no matter which option they choose.

What you should do if you’re a SAVE borrower

1. Don’t wait until the last minute. If you don’t choose a new plan within the time frame, you could be automatically assigned a new one that might not be the best fit for you. 
2. Understand your options. Federal plans like IBR (Income-Based Repayment) and the newer RAP (Repayment Assistance Plan) work differently and have varying eligibility requirements. Do some research, see what you qualify for, and try the federal loan calculators to estimate your new payment.
3. See if refinancing makes sense for you. If you have steady income and good credit, refinancing to a private student loan could lower your payment or interest rate. Just keep in mind that private loans don’t offer forgiveness programs like federal student loans sometimes do.
4. Keep your options open. Whatever you decide to do, know that you still have choices. If you select a plan and later find that it’s not working for you, you can revisit other options. 

What is student loan refinancing?

Student loan refinancing means taking out a new loan to pay off your existing student loan debt. Depending on your situation, refinancing could help you:

• Lower your interest rate
• Lower your monthly payment
• Pay off your debt sooner
• Simplify your debt by combining it into one payment
• Choose a different term that makes more sense for you

Remember that refinancing federal loans into a private loan means losing access to federal programs, like income-driven repayment plans, deferment options, and loan forgiveness programs. Refinancing isn’t the right move for everyone, but for many borrowers, especially those who don’t expect to rely on those federal programs, it can be a smart way to save money and pay off debt faster.

We’re here to help

Student loans can be confusing – especially when the rules keep changing. Know that we’re here to help you explore your options and make the right decision for your budget and your goals.

Talk to our team or apply now to see what your new rate and monthly payment could look like. It’s fast, secure and there’s no obligation to accept any loan.