HOUSTON – More than 7 million student loan borrowers are now facing a major change, as a Biden-era repayment plan is set to be phased out.
The “Saving on a Valuable Education,” or SAVE plan, is being eliminated, and millions of borrowers will soon need to choose a new repayment option.
The U.S. Department of Education says about 7.5 million people currently enrolled in the program will be given a 90-day window starting July 1 to transition out of the plan. Borrowers are expected to receive guidance on next steps, including alternative income-driven repayment options.
Some may also qualify to temporarily pause their loan payments.
At the same time, travelers could soon feel a hit to their wallets.
New data from the International Air Transport Association shows jet fuel prices have more than doubled since the start of the war in Iran. The group’s latest Jet Fuel Price Monitor found global prices are up 104% compared to last month.
Airlines have already started adjusting by adding surcharges and reviewing flight routes. Experts warn airfare prices could continue to rise in the coming weeks, especially for travelers flying out of major hubs like Houston.
There are also potential changes on the horizon for retirement savings.
The U.S. Department of Labor has proposed a new rule that could allow 401(k) plans to include alternative investments such as private equity, cryptocurrency, and commodities.
While the proposal could expand investment options, these assets are typically more complex and come with higher risks and fees. The rule could also expose employers to additional legal challenges.
Even if the proposal moves forward, experts say changes may not happen right away since employers would not be required to offer these new investment options.
For now, both borrowers and investors are being urged to stay informed as these potential changes continue to develop.