It seems that everyone should know by now.

For months, we’ve been hearing about the end of the SAVE Plan and the need for borrowers to choose a new repayment plan.

But even many of us working in financial aid have to check the details when someone asks about it. Because, as anyone who works in the biz right now knows, there’s a lot – I mean a lot! – going on in the industry.

So, it’s easy to understand when a student or borrower comes to us and says they just don’t know what’s going on with their loans and are afraid to take any action. However, when it comes to the end of the SAVE plan, it is in the best interest of the borrower to take action.

If a borrower doesn’t choose a repayment plan, one will be chosen for them, and it may not be a good fit for their current financial situation. If that happens, there could be a snowball effect of delinquencies and defaults for students and increasing cohort default rates for schools.

To encourage SAVE Plan borrowers to act, Mapping Your Future created a 4 Things Borrowers Enrolled in the SAVE Plan Need to Do Now flyer, which can be downloaded and shared.

The flyer includes simple steps the borrowers can take to make sure they are on the right payment plan.

And that’s something that all borrowers need to know now.

– By Catherine Mueller