Panic and confusion: Student-loan borrowers scramble after getting kicked off Biden's key affordable repayment plan

Ashley Grupe's monthly student-loan payments have been $54 for the past three years. This fall, they'll likely surge to $644.

"When I saw that number, I just froze," the 34-year-old told Business Insider. "That's 'I need a second job' kind of money."

Grupe's payments are skyrocketing after former President Joe Biden's SAVE student-loan repayment plan was eliminated last month.

Dozens of student-loan borrowers told Business Insider they're worried that, with SAVE gone, they won't be able to afford higher monthly payments. While the Trump administration is introducing a new income-driven repayment plan this summer, it's less generous than existing plans and would mean borrowers pay higher amounts over a longer timeline.

https://www.msn.com/en-us/money/careersandeducation/panic-and-confusion-student-loan-borrowers-scramble-after-getting-kicked-off-biden-s-key-affordable-repayment-plan/ar-AA20bWqw

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