Student loan information
The End of the SAVE Plan
The Department of Education has announced an agreement that will officially end the Saving on a Valuable Education plan (SAVE). Borrowers who were enrolled in SAVE will have a limited window to choose a new repayment plan and restart payments. This change affects every borrower who relied on SAVE for lower payments and interest support.
Why This Matters
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Borrowers in SAVE must move to a different Income Driven Repayment plan (IDR) in early 2026.
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The remaining IDR plans include Pay As You Earn (PAYE), Income Based Repayment (IBR), and Income Contingent Repayment (ICR).
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The new Repayment Assistance Plan (RAP) is still in development and will not be ready before borrowers must switch.
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PAYE and ICR will remain available for now but are expected to close by 2028.
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IBR will remain available even after other IDR plans are retired.
How to Prepare
This is a good time to review your repayment strategy and understand how each plan works. Borrowers should take time to compare the remaining options and consider how each plan aligns with long term financial goals.
New Mexico residents can also explore the Health Professional Loan Repayment Programs offered through the New Mexico Higher Education Department (NMHED). These programs support eligible health professionals who serve in communities across the state.
New Mexico Resource
New Mexico Higher Education Department (NMHED) Health Professional Loan Repayment Programs https://hed.nm.gov/financial-