Federal student loan repayment can feel complicated, particularly when plans,听deadlines,听and borrower requirements change. Former 91制片厂 students and other members of the College community do not have to manage those changes alone.
The Saving on a Valuable Education, or SAVE, repayment plan ended following court action in March 2026. Borrowers enrolled in the SAVE plan are being contacted by their federal loan servicers and will听generally have听90 days听from the date of that notice to select another repayment plan.
Receiving a notice about your loans does not mean you need to panic. It means it is time to review the information, learn about the available听options,听and make a plan that reflects your circumstances.
Free FAME听webinar听offers repayment guidance
The Finance Authority of Maine, or FAME, will host a free听webinar, 鈥淣eed Help Choosing a Student Loan Repayment听Plan? Start Here with Betsy Mayotte,鈥� from noon-1 p.m. Friday, Aug. 7.
Mayotte, a student loan expert, will explain the latest federal repayment updates and give practical guidance for borrowers听to select听a new plan. The session may be particularly useful for recent graduates and borrowers currently in SAVE forbearance, but anyone with federal student loans is welcome to attend.
Register for the Aug. 7听webinar:
Registration is requested for the free session. A recording will also be available for those who cannot听participate live.
Start by gathering information
Even when a repayment change does not appear to affect you听immediately, learning about your loans now can help you avoid surprises later.
Borrowers may be in听different stages听of repayment. You may still be enrolled, be within a grace period, have loans in deferment or forbearance, or already be making payments. Your situation can also change when you leave school or drop below half-time enrollment.
The听important step听is to听determine听where your loans stand and what action, if any, is听required. The goal is not to make loan听repayments听feel frightening. It is to help borrowers get the details they need so they can make a workable plan.
Resources that can help
FAME provides student loan repayment and financial wellness information for Maine borrowers. Its Financial Check-in with FAME series offers free sessions on听timely听financial topics.
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ECMC Solutions provides free student loan counseling and resources covering repayment, grace periods, deferment, forbearance, delinquency, default and听possible loan听forgiveness or discharge programs.
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Federal Student Aid allows borrowers to review their federal loans,听identify听their loan听servicer听and compare repayment options.
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Your loan servicer can provide information specific to your loans and account. Servicers may also be able to explain options that could help when employment, income, health, family听responsibilities听or other life circumstances affect your ability to make payments.
Do not ignore messages about your loans
Watch for听emails, texts,听or mail from Federal Student Aid听as well as听your loan听servicer, and听make sure your contact information is current. Read the entire notice, confirm any applicable听deadlines,听and use trusted resources before听making a decision.
Borrowers who feel overwhelmed may be tempted to put the notice aside. Reaching out early is usually the听most听productive first step. Information and support are available, and understanding your options can help you move forward with greater confidence.
We are always here to help you in any way we can. If you have questions or need听assistance, please stop by the Financial Aid Office in the Captain鈥檚 House at the corner of Fort and McKernan Center roads, call 207-741-5518, email听smccfinancialaid@mainecc.edu听or visit听www.smccME.edu/financialaid.