Student loans remain a concern for borrowers as discussions about the Department of Education's (DoE) possible dissolution continue. While changes to the administration of loans may occur, the underlying obligations are expected to persist. Understanding how these shifts could impact loan management and repayment structures is essential for those with federal student debt. It is important to remember that nothing has happened as of yet, and any changes to the DoE must meet approval by Congress.

At this point in time, it is important to keep track of all payments you as a borrower have made. It is recommended to take screenshots of your payments and save confirmation emails as well as any emails from your lenders discussing your student loans. 

If you have any questions or concerns, please reach out to your financial aid counselor or email the financial aid team at finaid@cornish.edu.

How to find your loan information:

• Go to https://studentaid.gov/
• Log into your account
• Summary of your loan balance and/or grant disbursement history should appear on home page
• Click 'View Details' to see more details on your loans/grants, loan repayment progress, specific loan breakdown, interest accrued, next payment due date etc.

“A federal court has prevented the U.S. Department of Education (ED) from implementing parts of the Saving on a Valuable Education (SAVE) Plan and other income-driven repayment (IDR) plans. ED is currently prohibited from using the SAVE formula to calculate monthly payments and from forgiving loans after years of payments under the SAVE, Pay As You Earn (PAYE), and Income-Contingent Repayment (ICR) Plans.”

Borrowers can still apply for the SAVE plan as well as other IDR plans, but borrowers on the SAVE plan will be placed into forbearance until further notice. Click here to see more information and current updates on these IDR loan repayment plans as they are released from the Department of Education.

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The Saving on a Valuable Education (SAVE) Plan is the newest income-driven repayment (IDR) plan. Like other IDR plans, the SAVE Plan calculates your monthly payment amount based on your income and family size. In addition, the SAVE Plan has unique benefits that will lower payments for many borrowers.

The SAVE Plan replaced the Revised Pay As You Earn (REPAYE) Plan. Borrowers who were on the REPAYE Plan automatically get the benefits of the SAVE Plan.

• The SAVE Plan is an IDR plan, so it bases your monthly payment on your income and family size.
• The SAVE Plan lowers payments for almost all borrowers compared to other IDR plans because your payments are based on a smaller portion of your adjusted gross income (AGI).
• The SAVE Plan has an interest benefit: If you make your full monthly payment, but it is not enough to cover the accrued monthly interest, the government covers the rest of the interest that accrued that month. This means that the SAVE Plan prevents your balance from growing due to unpaid interest.
• The SAVE Plan gives borrowers who originally borrowed $12,000 or less forgiveness after as few as 10 years.

To learn more, visit the Department of Education's official page on the SAVE plan here: https://studentaid.gov/announcements-events/save-plan, or feel free to watch the official video on the SAVE Plan here: https://www.youtube.com/watch?v=eSlDyy0Kef0&t=10s

Apply for the SAVE Plan here: https://studentaid.gov/idr/

Hello and happy new year everyone!

The 2025-26 FAFSA can be accessed at https://studentaid.gov/h/apply-for-aid/fafsa  

Students as well as contributors are required to be signed up for a FSA ID. Please be sure to do so, if you have not done so already.  https://studentaid.gov/fsa-id/create-account/launch.