The SAVE Plan is currently facing legal challenges, creating uncertainty for the 8 million borrowers enrolled in the student loan forgiveness program. Concerns are heightened as the incoming Trump administration may terminate the plan at a time when many borrowers, particularly in Illinois with over $62 billion in federal debt, are struggling with repayments. While the program reduced some borrowers' payments significantly, it is imperative for participants to be aware of alternative options and prepare for the possibility of resuming full payments if the SAVE Plan is discontinued.
Kathy Broome Duke is one of millions enrolled in the SAVE program, which had brought her loan payments from about $900 a month to $300 a month.
Current court challenges complicate matters with the SAVE Plan further. We are waiting on that decision from the 8th Circuit Court of Appeals.
According to the Education Data Initiative, the average student loan debt balance in Illinois is about $39,000.
Kaplan says that while SAVE was the best option for student debt, it is not the only option.
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