You don't have to switch by Aug. 1, but interest will start accruing on your loans on the SAVE plan. Here are your options.

The Trump administration will resume charging interest this week on student loans under the Biden-era SAVE plan, which have been on hold while the plan’s tied up in court—potentially costing nearly 8 million borrowers an extra $3,500 per year in interest.

The Department of Education has paused the Income Based Repayment plan in another significant move that alters the student loan repayment process.