You don't have to switch by Aug. 1, but interest will start accruing on your loans on the SAVE plan. Here are your options.

Millions of student loan borrowers will see their interest rates jump this week as the Trump administration moves forward to end benefits for SAVE plan borrowers.

Starting on Thursday, a Biden-era student loan repayment plan, known as "SAVE," is coming to an end. The program was based on income, offering interest-free payment options. The payment plan offered interest-free payments for some borrowers, based on income.