If you are registered with Save on a Valuable College Reimbursement Planyour student loans will remain in forbearance while the plan is challenged in court. But if you’re eager to pay off your student loans, you may be considering switching to another income-driven repayment plan.

After a two-month hiatus, online demand for IDR plans is back, but options remain limited. For most SAVE borrowers, it is wise to wait for a resolution rather than making a change. However, there are a few scenarios in which it might be beneficial to remove your student loans from the SAVE repayment plan.

We spoke with three student loan experts to find out when it makes sense to stick with SAVE and when it doesn’t.

What happens with the SAVE Student Loan Plan?

The Biden-Harris administration launched the SAVE plan in summer 2023 to offer borrowers lower monthly repayment terms and a path to student loan forgiveness. Replacing the REPAYE plan, SAVE aimed to cut payments for undergraduate borrowers in half and offered loan forgiveness in as little as 10 years instead of the usual 20 or 25.

Earlier this year, two separate groups of Republican-led states sued to block the SAVE plan. One case obtained an injunction from a federal court, which suspended SAVE. As a result of this injunction, loan servicers cannot charge SAVE borrowers the required amount and have instead placed all SAVE loans in general forbearance.

“SAVE repayment plan borrowers currently enjoy interest-free forbearance,” said financial aid expert Mark Kantrowitz. “This means they don’t lose money by participating in the plan. The only thing they lose is time, since months of forbearance don’t count toward forgiveness.”

While forbearance may provide a welcome financial break for some borrowers, others may not like the fact that they are not receiving credit for their loan forgiveness through the IDR debt relief route or programs like Public service loan forgiveness.

Learn more: Student loan forgiveness is suspended again. Experts explain what’s next for debt relief

Most SAVE borrowers expected to stay put

The future of the SAVE repayment plan is uncertain, but switching to an alternative plan may not be worth it, experts say. For one thing, changing plans could increase your borrowing costs.

“A change of plan may result in an increase in the borrower’s monthly payment, as well as additional interest,” said Adam Minsky, a student loan attorney.

Megan Walter, senior policy analyst at the National Association of Financial Aid Administrators, also cautioned against making any plan changes if you’ve already met the payment requirements qualifying for IDR loan forgiveness. If SAVE is approved, you will be able to receive debt relief more quickly if you stay on this plan.

Currently, your options for other income-driven repayment plans are also limited. Even though online application is available again, most borrowers can only access the income-driven repayment plan.

Loan servicers do not process new PAYE plan enrollments, and only borrowers with a consolidation loan who have paid off a parent PLUS loan are eligible for income-contingent repayment.

There are also significant processing delays, and borrowers who attempt to make a change could find themselves in a 60-day processing forbearance, during which interest charges will accrue.

“The court cases will eventually be resolved,” Kantrowitz said. Although it’s unclear how long that will take, Kantrowitz predicts it will take less than a year for the courts to reach a conclusion.

Learn more: Student loan payment break extended for another 6 months for SAVE borrowers

Understanding the PSLF Buyback Program

Even if borrowers affected by the general forbearance of the SAVE plan do not progress toward public service loan forgiveness, they now have the option to “buy back” PSLF loans.

As the name “buyout” suggests, you will be able to make a lump sum payment for all the months you missed while in forbearance. For example, if your monthly payments are typically $150 and are paused for nine months, making a payment of $1,350 once the pause is lifted will put you nine months closer to forgiveness.

Especially, you can redeem your credits if you:

• Time spent in eligible forbearance or deferment status while maintaining PSLF-eligible employment
• Have outstanding balances on your loans
• Have reached the point where redeeming these months will complete your 120 payment requirement for PSLF

Pro tip: While the pause is in effect, transfer what you would have paid in student loan payments into a high-yield savings account each month. When the pause is lifted, you will have the money readily available to apply to your account, and you will have earned some interest.

When should you consider leaving the SAVE repayment plan

There are several scenarios in which it might make sense to leave the SAVE plan:

You are about to receive PSLF forgiveness

You may also want to exit SAVE if you are close to be eligible for public service loan forgiveness and want to apply for debt relief as soon as possible.

“Borrowers who are just a few months away from being eligible for forgiveness might want to switch to another income-driven repayment plan,” Kantrowitz said.

You are eligible for forgiveness with another IDR plan

If you qualify for a discount through another income-driven repayment plan, you may want to switch to have your balance cleared sooner. Just make sure you meet the requirements. Typically, IDRs require 20 to 25 years of on-time payments to qualify for debt forgiveness.

You are in the PSLF plan and do not wish to depend on the Buyback program

You can only take advantage of the PSLF buyout program if it puts you above the 120-payment threshold for PSLF. If you are early in your PSLF journey, you may prefer to enroll in another qualifying repayment plan.

“(Borrowers) may not want to wait years to apply for a loan refinancing and have to manually add those months to their tally as they go along,” Walter said. “They may prefer to stay in a repayment plan that avoids such significant delays.”

You want to resume payments sooner

Another reason to move away from SAVE would be if you are eager to resume your progress on pay your student loans.

“Borrowers whose priority is to pay off their loans faster, especially those early in their careers when their monthly payments under an IDR plan might be lowest, may prefer to resume payments as soon as possible “Walter said.

If your balance is low or you can afford to pay even more than your monthly payment, you may want to withdraw your loans from SAVE so you can reduce your debt faster.

How to Change Your Student Loan Repayment Plan

If you would like to upgrade to another IDR plan, you can submit an IDR plan request. on the Federal Student Aid website. Application should take 10 minutes or less. You will need your FSA ID, personal information, and financial information.

Here’s how to switch to another income-driven repayment plan:

• Log in to your Federal Student Aid account: You can log in with your unique username and password, also called your FSA ID.
• Complete the IDR plan request form: You will answer questions about your income, family size and marital status.
• Check your financial information: You may need to manually upload your income documents if the IRS import tool does not work.
• Select an IDR plan: Right now, your main option is the IBR plan. Borrowers with a consolidation loan who have paid off a parent PLUS loan can also enroll in ICR.
• Sign and submit your application: Your loan servicer will process your application, but your loans may be temporarily suspended during this time.

Be sure to keep a copy of your application and other important documents, Walter said. “I recommend keeping detailed records, for example taking screenshots of your loan balances and interest rates, particularly if you have multiple loans or are changing providers.”

Pro tip: Due to processing times, switching to a new plan may take time. It could also result in higher monthly payments and higher interest charges. Weigh the pros and cons before doing anything.

Ultimately, the decision whether or not to exit the SAVE repayment plan depends on your priorities and repayment situation. However, with all the processing delays and uncertainty around IDR plans, most borrowers will benefit from staying on SAVE and waiting to see what happens next.

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