President Trump's spending bill eliminated the SAVE plan and imposed new borrowing caps on graduate students. Under the changes, federal borrowing is limited to $100,000 for graduates and $200,000 for professional programs. This elimination could make private loans more appealing as federal options diminish. The CEO of Navient predicts an increase in borrowers seeking private refinancing options due to the end of the SAVE plan, which previously allowed for manageable payments and expedited debt relief.
President Trump's recent spending bill has eliminated the SAVE plan, previously supporting affordable repayment strategies, and caps graduate borrowing at $100,000, prompting concerns for student loan borrowers.
The elimination of the Grad PLUS program in Trump's spending legislation is seen as a significant opportunity for private lenders, allowing increased borrowing from graduate students facing new federal limits.
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