Nearly half a million federal student loan borrowers will be denied the ability to make lower repayments on their student loads as the Trump administration seeks to overhaul the repayment system.

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.