It may make sense to switch to another income-driven repayment plan, but you do not have to make the move by Aug. 1. Here's what to know.

Education Secretary Linda McMahon, in a statement, urged "all borrowers in the SAVE Plan to quickly transition" to a different loan program.

As the moratorium on federal student loans comes to an end, millions of borrowers must navigate a landscape of limited repayment options. With the expiration of the SAVE plan, borrowers face the challenge of managing their debt without the benefit of interest-free relief.