Mary Smith, a nurse, is facing financial difficulties due to increasing student loan payments resulting from the expiration of the SAVE plan. The former repayment plan, designed to help borrowers with lower monthly payments, has been replaced by less favorable options under the Trump administration, leading to fears of ballooning debt. Interest charges on SAVE balances resumed in August 2024, adding to the financial pressure. Smith's monthly payments under the SAVE plan were approximately $150, but predictions indicate her payments could increase to nearly $1,000, which she cannot afford.
Mary Smith, a 50-year-old nurse, faces financial strain as student loan payments rise, fearing potential bankruptcy as the SAVE plan expires and interest resumes.
Despite being a Trump supporter, Smith disagrees with the recent changes affecting student loan repayment options, which could cause her payments to increase significantly.
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