The Department of Education is encouraging SAVE borrowers to move to the IBR plan, but you should review all your options first.

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

Nearly 8 million borrowers in the student loan repayment plan, SAVE, will soon start to see interest accrue on their federal student loans. The U.S. Education Department announced last week that it would resume applying interest starting Aug. 1 for borrowers with loans in the Saving on a Valuable Education plan.