Federal Student Aid says borrowers leaving the SAVE Plan who cannot afford payments on a different plan can ask their servicer for a deferment or forbearance, which temporarily pauses or lowers payments.
It cautions that interest can still accrue during these periods, and that they can affect discharge options such as Public Service Loan Forgiveness and income-driven repayment discharge. Repeated missed payments bring more serious consequences over time, including negative credit effects.
Borrowers with a pending income-driven repayment application, or who are pursuing PSLF, should check the agency’s guidance before switching. The IDR application is submitted online at StudentAid.gov/idr after logging in, and servicer help is free.