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Negative headlines about the future of Social Security may influence the retirement benefit decisions people make.
If you’re planning to claim, here’s what experts say you should focus on instead.

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The subject of Social Security was largely left untouched in the first Republican presidential debate.
But worries about the future of the program loom large in Americans’ minds, a recent survey from the Nationwide Retirement Institute shows.

To that point, 75% of individuals age 50 and up worry Social Security will run out of funding in their lifetimes, according to the survey of 1,806 individuals taken between May and June.
That is up from 66% of adults who said the same in 2014.
Those concerns have increased as the depletion dates for the program’s funds come closer. The program’s combined funds are due to run out in 2034, at which point 80% of benefits will be payable, Social Security’s trustees have said.
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Meanwhile, the fund the program relies on to pay retirement benefits is projected to last until 2033 — just a decade away — with 77% of benefits payable at that time.

“You’ve got people on this stage that won’t even talk about Social Security and Medicare,” former Vice President Mike Pence said during Wednesday’s Republican primary debate.
In a February interview with CNBC, Pence said it was necessary to “get everybody at the table” to discuss the future of the programs.
“There’s lots of good ideas to solve this that are common sense that don’t impact people at the point of the need, that don’t affect anybody that is going to retire in the next 25 years,” Pence said, pointing to legislation passed 50 years ago that raised the retirement age and ushered in long-time solvency.
While the other candidates didn’t take Pence’s bait to debate the future of the programs Wednesday, they have addressed them in separate interviews.

Florida Gov. Ron DeSantis told Fox News in July that he would “protect people’s Social Security,” though he is open to reform.
“Talking about making changes for people in their 30s or 40s so that the program’s viable, you know, that’s a much different thing, and that’s something that I think that there’s going to need to be discussions on,” he said.
Uncertainty about the future of Social Security comes as more Americans rely on the program for their sole source of income, with 21% doing so according to Nationwide’s latest retirement survey, versus 13% in 2014.
Meanwhile, just 31% said they currently have income from pensions, versus 48% who said the same 10 years ago.
While the fate of Social Security remains uncertain, experts say there are a couple of things people can do to position themselves for the most benefits available to them.
“This is one of the largest decisions you’ll make in your life” and one people are least informed about when going into it, said Tina Ambrozy, senior vice president of strategic customer solutions at Nationwide.

1. Base claiming strategy on your personal situation

Uncertainty around the future of Social Security is the No. 1 reason many retirees are claiming before age 70 — the maximum age it pays to wait to before getting benefits — and full retirement age, when they stand to receive 100% of the benefits they earned, a Schroders survey recently found. Find out your full retirement age by using this calculator.
But experts say it’s still best to base your retirement claiming strategy on your personal situation, rather than fears about the program’s outlook.

Even if lawmakers fail to enact changes to Social Security before the depletion dates, the average retiree will still receive about 77 cents on the dollar, Joe Elsasser, a certified financial planner and founder and president of Covisum, a Social Security claiming software company, recently told CNBC.com.
Targeting the claiming strategy that will get you the most benefits will put you in a strong position, even if there are changes down the road.
Waiting to claim is not the best strategy for everyone, and the decision shouldn’t be based exclusively on age, Ambrozy said.

2. Get educated on the ins and outs of the rules

Social Security comes with many complex rules, and almost half of adults — 49% — said they know how to maximize their benefits, Nationwide’s survey found.
Yet just 13% of adults can correctly guess their full retirement age, which is when they are eligible for 100% of the benefits they earned.
Notably, almost half of respondents — 49% — erroneously believe their benefits will go up at full retirement age even if they claim early.
“Once you elect to start receiving benefits, it locks in,” Ambrozy said. “You’re not just going to just step up based on age.”
To avoid costly mistakes, experts say it’s best to study up on the program’s rules, including information provided by the Social Security Administration.

We just are big believers that you should ask for help and don’t wait until it’s too late.

Tina Ambrozy
senior vice president of strategic customer solutions at Nationwide

To gauge how much money you may be eligible for in retirement, it helps to set up an online Social Security account, where you can also make sure your earnings history and other crucial information is correct.
But prospective beneficiaries should avoid asking workers in their Social Security office for advice, Ambrozy said, as they may not be experts in claiming strategies.
Instead, consulting a financial advisor who is well versed in Social Security can help you identify the most optimal claiming strategy for your personal situation.
“We just are big believers that you should ask for help and don’t wait until it’s too late,” Ambrozy said. “Don’t wait until you’ve already filed and you’re starting to collect and then suddenly you realize you’ve made an incorrect choice.” More

CNBC reached out to contenders for the GOP presidential nomination to get their views on student loan forgiveness.
The topic is likely to be a major point of tension in the general election, with President Joe Biden continuing to look for a way to deliver on his promise of sweeping forgiveness.

Republican presidential candidates (L-R): former Arkansas Gov. Asa Hutchinson, former New Jersey Gov. Chris Christie, former U.S. Vice President Mike Pence, Florida Gov. Ron DeSantis, Vivek Ramaswamy, former U.N. Ambassador Nikki Haley, U.S. Sen. Tim Scott (R-SC) and North Dakota Gov. Doug Burgum are introduced during the first debate of the GOP primary season hosted by FOX News at the Fiserv Forum on Aug. 23, 2023 in Milwaukee.
Scott Olson | Getty Images

One year ago today, President Joe Biden announced his plan to cancel up to $20,000 in student debt for tens of millions of Americans.
That proposal was hugely popular with borrowers, who saw it as a chance to alleviate at least of some of the debt they’ve complained is holding them back from moving ahead in life.

However, many Republicans— including the lineup of politicians seeking the 2024 GOP presidential nomination — didn’t like the policy.
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In June, the Supreme Court struck down Biden’s plan, but the president is now attempting to cancel the debt a different way.
The nation’s student loan balance, which exceeds $1.7 trillion, is a bigger burden to Americans than credit card or auto debt. Voters support forgiving at least some student loan debt by a 2-to-1 margin, according to a Politico/Morning Consult poll. Less than a third oppose the policy.
On Wednesday night, during the first Republican presidential primary debate, the topic of student loan forgiveness didn’t come up, even as several of the candidates called for the elimination of the U.S. Department of Education.

But CNBC tracked down statements on the policy from the GOP contenders.

Donald Trump

Former President Donald Trump, who didn’t attend the debate Wednesday night, has a long record of opposing student loan forgiveness. Trump also sided with the Supreme Court.
“Today, the Supreme Court also ruled that President Biden cannot wipe out hundreds of billions, perhaps trillions of dollars, in student loan debt, which would have been very unfair to the millions and millions of people who paid their debt through hard work and diligence; very unfair,” Trump said at a campaign event in June.

Ron DeSantis

The Florida governor has said that it’s wrong to saddle taxpayers with the expense of student loan forgiveness.
“Why should a truck driver have to pay for somebody that got a degree in zombie studies?” DeSantis said at an Iowa event in early August. “It doesn’t make sense.”

Vivek Ramaswamy

In a written statement to CNBC, the tech entrepreneur said we had a bad habit in America “of paying people to do the exact opposite of what we want them to do: More [dollars] to stay at home than to work, more [dollars] to be a single mother than married, more [dollars] for those who fail to repay loans than those who do.”
Ramaswamy also said that the Supreme Court’s ruling to block forgiveness “helps reverse that trend.”

Mike Pence

The former vice president also celebrated the Supreme Court’s ruling, while taking some credit for it.
“I am pleased that the court struck down the Radical Left’s effort to use the money of taxpayers who played by the rules and repaid their debts in order to cancel the debt of bankers and lawyers in New York, San Francisco and Washington, D.C.,” Pence said in a June statement.
He also said that he was “honored to have played a role in appointing three of the justices that ensured” the “welcomed decision.”

Nikki Haley

The former South Carolina governor and U.S. ambassador to the United Nations under Trump has tweeted that “a president cannot just wave his hand and eliminate loans for students he favors, while leaving out all those who worked hard to pay back their loans or made other career choices.”
“The Supreme Court was right to throw out Joe Biden’s power grab,” Haley wrote.

Tim Scott

Sen. Tim Scott of South Carolina in June called Biden’s forgiveness policy “illegal and unconstitutional,” and said it “forces hardworking Americans to shoulder debt they never signed up for.”

Chris Christie

The former New Jersey governor has said that Biden doesn’t have the authority to cancel student debt without prior authorization from Congress.
“He knows he’s done something that is illegal and over the top,” Christie said on ABC’s “This Week” last summer.
Christie also said the president’s policy, “does nothing to control college costs. The reason people have higher loans is because college is more expensive. This does not make college less expensive. It makes it more expensive, when you’re giving away things.”

Doug Burgum

The North Dakota governor was deeply critical of Biden’s forgiveness plan.
“This horribly misguided and incredibly unfair plan undermines a core American principle that individuals are responsible for paying off their own personal debts,” Burgum said in a statement in September 2022. “This federal action will not affect student loans held by the Bank of North Dakota, and we would strongly oppose any copycat legislation at the state level.”

Asa Hutchinson

A former governor of Arkansas, Asa Hutchinson, called Biden’s broad forgiveness plan “a misuse of executive authority,” in a statement last year.
“Shifting the burden from those who willingly took out a loan to all taxpayers is inconsistent with the American ideal of personal responsibility,” Hutchinson said. More

Increased longevity is challenging people to rethink the traditional three-stage life path that moves from education to career to retirement.
But with new pressures on health and wealth, not all generations are feeling fully prepared, new research finds.

Increased longevity is challenging people to rethink the traditional three-step life path of education, work and retirement.
But one age group — individuals ages 40 to 59 — is more likely to struggle with this concept, according to new research from Transamerica and the Massachusetts Institute of Technology AgeLab.

“That cohort based on the study really had the toughest time and was carrying the most stress and burden about managing this concept of longevity in a positive way,” said Phil Eckman, president of workplace solutions at Transamerica.
That comes as that age group — traditionally categorized as Gen X, as well as younger baby boomers — is likely most stressed about all things in life, from parenting and saving for their children’s education to caring for their own aging parents, Eckman said.
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At the same time, they must be mindful they may live to ages 85, 95 or even 100, and starting to plan for that now, he said. One step that can help is talking to a financial advisor, Eckman said.
The research finds while 74% of people in their 50s say it is extremely or very important to save enough money to eventually stop working, just 57% said they expect to be able to retire. Moreover, half of people in midlife are struggling to get by financially, more than other age groups studied.

Because midlife respondents also tended to be the least healthy, they may also benefit from prioritizing exercise and healthy eating to position themselves for better quality lives later, Eckman said.
“One of the best ways to deal with stress is to look at that notion of health and well-being and sleep and diet and exercise and the way that can reduce stress,” Eckman said.

Younger individuals focused on ‘here and now’

Younger adults ages 20 to 39 are focused on their current financial challenges, from paying student loans to saving for a down payment for a home or other goals.
Younger individuals would benefit by learning to balance those priorities with retirement saving now, Eckman said.

“If you can just start saving and get in a routine of saving a little for that long-term goal of retirement, you’re going to thank yourself loudly later in life, because it gets you that foundation,” Eckman said.
That younger cohort – including millennials and Gen Z – is anticipating a complex, multi-part working life, with perhaps more jobs and more careers, the research found.
Importantly, they are also making exercise a priority, including yoga and meditation.

Older generation move into next phase of life

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Older adults ages 60 to 79 are now making the most of what they have, according to Eckman. Of all age groups, the research found they demonstrate the greatest financial stability and confidence.
Moreover, this age group is now exploring their ability to continue to work in some capacity, even part-time.
People in their 70s were more likely to exercise every day or frequently, showing new habits can be created even later in life.

Where to look for inspiration

For all age groups, taking action towards better financial or physical health today to prepare for their future selves may be a challenge.
A filter that recently trended on TikTok let people get a glimpse of what their older selves may look like.
“The role in simulation in helping us see that future self is incredibly powerful,” said Joseph Coughlin, director of the MIT AgeLab.

“The challenge will be how do we remind you periodically to reinvigorate that desired behavior, particularly for health and wealth,” he said.
One effective source of inspiration may be older individuals who are living quality lives, Eckman said, like the 80-year-old uncle who has the active lifestyle of someone who is 30 years younger.
“We see these inspirational stories of people embracing their longevity and making the most out of a very long and fulfilled life,” Eckman said. More

More than 1 in 4 vehicle shoppers in Texas and Wyoming committed to paying more than $1,000 a month, which experts say is due to the high volume of large pickup truck purchases, according to auto site Edmunds.
Large trucks are the third-largest vehicle sales segment in the U.S. and have the “heaviest finger on the scale” when it comes to payments, said Edmunds analyst Joseph Yoon.
“People are not using their trucks just for work anymore; they’ve become a status symbol,” said auto industry analyst Paul Waatti.

A 2024 Chevrolet Silverado EV RST all-electric pickup truck on display at the International Auto Show at the Jacob Javits Convention Center in New York on April 13, 2022.
China News Service | China News Service | Getty Images

Car shoppers are paying more than ever to finance new vehicles — and pickup trucks are driving up the average cost in at least two states, according to a report by auto site Edmunds.
During the second quarter, more than 1 in 4 vehicle shoppers in Texas and Wyoming committed to paying more than $1,000 a month, which experts say is due to the high volume of large truck purchases in those states, according to Edmunds.

More than 1 in 5 shoppers in seven other states — Colorado, Kansas, Louisiana, Montana, Nebraska, North Dakota and Utah — are also forking over more than $1,000 for their vehicles each month, Edmunds found.
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The average monthly auto payment reached $733, a new record, in the second quarter of the year, according to another Edmunds report. The average monthly payment for all types of trucks was $913.
Large trucks are the third-largest vehicle sales segment in the U.S., after compact and midsize SUVs, and account for the “heaviest finger on the scale” when it comes to the average car payment, said Joseph Yoon, a consumer insights analyst for Edmunds.

“With their sales volume, it’s the trucks that are doing the most damage in terms of pushing the prices higher,” he added.

Tight inventory and sky-high prices have kept interested truck buyers on the sidelines, but as the market cools, shoppers are coming across better deals. Buyers in Texas and Wyoming, particularly, are jumping back into the market and financing $50,000 vehicles, said Tom McParland, contributing writer for automotive website Jalopnik and operator of vehicle-buying service Automatch Consulting.

Large trucks can rev up costs

Full-size pickup trucks, the segment where monthly payments can reach north of $1,000 a month for new vehicles, made up 14.5% of the total market in 2022, said auto industry analyst Paul Waatti.”If it’s almost 15% of the market, and most are $50,000 to $60,000 as an average,” he said, “that’s going to significantly drive up the overall industry transaction price.”

Trucks have evolved from utilitarian vehicles to highly aspirational ones that consumers are willing to spend a lot of money on — and automakers are noticing, added Waatti.
A decade ago, top prices for trucks could go as high as $60,000. Nowadays, midsize trucks are soaring past that, and full-size pickups are topping out close to $100,000, he said.
“People are not using their trucks just for work anymore; they’ve become a status symbol,” Waatti said.

‘Cowboys with cash’ in Texas and Wyoming

2024 Chevrolet Silverado HD ZR2 Bison

Texas and Wyoming are states that have always had strong demand for pickup trucks, Waatti explained.
Pickup trucks have larger fuel tanks, allowing these vehicles to have longer ranges. Many drivers in Texas and Wyoming have to navigate long, rural distances between towns or through mountains. 
Additionally, pickup trucks are beneficial for the work many people do in these areas, such as farming, ranching and energy production.
Thus, owning a pickup truck can be key in regions with lots of heavy-duty, hands-on work, Waatti said.

You have your average folks and you’ve got some cowboys with cash.

Tom McParland
operator of Automatch Consulting

“They also speak to that cowboy-ish buyer,” he added.
Many ranchers and people working in oil and gas in Texas, Wyoming and similar states have more cash on hand than people in other parts of the country might expect, experts say.
“It does not seem strange to me that a quarter of the population in Texas have some serious cash” and might think, “‘I couldn’t get one of these fancy trucks before, I can get them now,'” McParland said.”You have your average folks, and you’ve got some cowboys with cash,” he added.Correction: Joseph Yoon is a consumer insights analyst for Edmunds. An earlier version misstated his name and title. More

Massachusetts announced this week it would be awarding more than $140 million in collective student loan relief to workers in the state.
The MA Repay Program is one of many state efforts to reduce people’s education debt burden.
In June, the U.S. Supreme Court blocked President Joe Biden’s plan to deliver loan cancellation nationwide.

Fotostorm | E+ | Getty Images

The Massachusetts Executive Office of Health and Human Services announced this week that it would be awarding about $140 million in student loan relief to more than 2,900 workers in the state.
The aid comes from the MA Repay Program, which the state launched last November to provide financial support to health-care workers, including psychiatrists, psychologists, nurses and social workers.

“The MA Repay Program will be life-changing for thousands of our hardworking health-care professionals while also helping more people enter and stay in this critical industry that has been suffering from workforce shortages,” Massachusetts Gov. Maura Healey said in a statement.
The student loan awards range between $12,500 and $300,000 per borrower.
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To be eligible, residents usually need to commit to work for a qualifying employer for four or five years. The most recent application window ran between Dec. 5, 2022, and Jan. 30, 2023.
The Massachusetts program is one of the many state efforts to reduce people’s education debt burden. These opportunities are likely to be especially attractive to borrowers of late. In June, the U.S. Supreme Court blocked President Joe Biden’s plan to deliver loan cancellation nationwide.

“There are many other opportunities for loan forgiveness that often go unknown because there is no global database of all student loan forgiveness options,” said higher education expert Mark Kantrowitz.

Forgiveness for teachers, nurses and others

In New York, the Get On Your Feet Loan Forgiveness Program, rolled out in 2015, is meant to “invest in recent college graduates with student loan debt who opted to invest their futures in New York,” said Angela Liotta, public information officer and director of communications at the New York State Higher Education Services Corp.
Under the program, certain residents of the state may be eligible for student loan forgiveness on up to 24 months of payments.
“Student loan forgiveness is based on the borrower’s occupation, in most cases,” Kantrowitz said. “So they should look for forgiveness based on their job, especially for their state.”

For example, lawyers in Texas who work for specific legal aid programs may be eligible for the Texas Student Loan Repayment Assistance Program.
Meanwhile, there are also several existing federal relief programs.
Full-time teachers who work for five consecutive years in a low-income school may be eligible for up to $17,500 in loan forgiveness under the Teacher Loan Forgiveness Program. The Nurse Corps Loan Repayment Program allows certain nurses to get up to 85% of their student debt canceled.
Federal agencies also offer student loan repayment assistance programs, Kantrowitz said. Agencies can make payments to a federal employee of up to $10,000 a year, for a total of $60,000, according to the U.S. Office of Personnel Management. More

On a recent episode of his podcast, actor Dax Shepard said he feels “out-of-hand financial insecurity” amid the Hollywood strike.
In fact, most people will experience an income disruption at some point.
“It’s a common experience for people at every socio-economic level,” said Brad Klontz, a member of CNBC’s Financial Advisor Council.

Dax Shepard at the grand opening of a Hello Bello distribution and manufacturing center on Oct. 26, 2021 in Waco, Texas.
Rick Kern | Getty Images

Not even Hollywood’s A-list is immune from financial anxiety.
Dax Shepard is a successful actor with countless credits under his belt, and he’s married to TV and film staple Kristen Bell, of “Frozen” fame.

But despite living in what many would consider the abundant two-income household that such success affords, Shepard admits he, too, experiences extreme financial stress.
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“I am currently in a, like, two-month spiral of just completely out-of-hand financial insecurity,” Shepard recently said on his “Armchair Expert” podcast.
Amid failed negotiations between the Alliance of Motion Picture and Television Producers and members of both the Screen Actors Guild-American Federation of Television and Radio Artists and the Writers Guild of America, which has been on strike since May, Shepard said he has “this new fear of, ‘I’m going to somehow be broke or I’m going to lose everything, podcasting is going to be over, there’s an actors strike and I’m not going to act.'”
Although he acknowledged his intense fears are “preposterous,” they are also hard to shake. “It’s not related to reality; it’s from growing up poor,” Shepard said.

‘We are all worried about money’

“If Dax Shepard can feel financially insecure,” that says a lot about our current climate, said Jason Van de Loo, chief client officer at Edelman Financial Engines. “We are all worried about money.”
“It’s a common experience for people at every socio-economic level,” added Brad Klontz, a Boulder, Colorado-based psychologist and certified financial planner.
These days, fewer Americans, even millionaires, feel confident about their financial standing.

Persistent inflation has made it harder to cover even day-to-day expenses. Households are facing surging childcare costs, ballooning auto loans, high mortgage rates and record rents.
Some 70% of Americans admit to being stressed about finances, according to a CNBC Your Money Financial Confidence Survey conducted in March.
And, only 45% of adults said they have an emergency fund. For those who do have emergency savings, about 26% polled said they have less than $5,000 saved, which would not be enough to withstand a prolonged period without pay, such as an extended Hollywood strike.

However, most people will experience some sort of income disruption at some point, said Klontz, who is also managing principal of YMW Advisors and a member of CNBC’s Financial Advisor Council.
The key, he said, is to “keep things in perspective.” Klontz recommends visualizing the worst-case scenario and how you can overcome it.
“This type of thing happens to a lot of people, there’s a financial tragedy and then they start to rebuild,” he said.
Subscribe to CNBC on YouTube. More

Workers want flexible schedules – and a four-day work week is at the top of their wish list.
More than half of those who want a shorter week would be willing to work longer days to get it.

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When it comes to schedules, workers want flexibility. And a four-day work week is at the top of their wish lists, according to a new survey from Bankrate.
A majority of full-time workers and job seekers — 81% — support a four-day work week versus a traditional five-day schedule.

Of those workers, 89% said they would be willing to make sacrifices to work just four days.
More than half — 54% — would be willing to work longer hours, and more than a third — 37% — would be willing to change jobs or industries. Meanwhile, more than a quarter — 27% — said they would be willing to come to their office or job location more days or work fully in person.
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Other sacrifices they would be willing to make: working off-peak hours, with 23%; working a job they’re less interested in or passionate about, 17%; have fewer vacation days, 16%; have a longer commute, 12%; take a pay cut, 10%; or take a step back in their careers, 10%.
Just 11% of workers who want a four-day work week said they would not be willing to accept any of those tradeoffs.

The results of the July survey, which included 2,367 adults, shows that employees hope Covid-era work schedules will continue to be the norm.

“For better and for worse, we’ve learned a lot of lessons over these past several years, and one of those is how the nature of work has changed,” said Mark Hamrick, senior economic analyst at Bankrate.

Demand for remote work outstrips supply

Most full-time workers or those looking for work — 89% — said they support a four-day work week, remote work or hybrid work.
Yet some data has pointed to the demand for remote work outpacing the actual number of job postings that list it as an option, Hamrick noted.
“Just because people want this flexibility doesn’t mean that it’s going to be readily available,” Hamrick said.

Hybrid has become the norm now.

Julia Pollack
chief economist at ZipRecruiter

ZipRecruiter’s data shows 10.5% of job postings so far this year have been either remote or hybrid, down from a peak of 13.7% in 2022.
Postings for remote jobs have plateaued in most industries, according to the employment website. The exception is continuing growth for consulting or science roles.
But just because job postings with remote work are down, doesn’t mean it’s also down in the actual share of days worked, according to Julia Pollak, chief economist at ZipRecruiter.
“Hybrid has become the norm now,” Pollak said.

Moreover, the amount of remote flexibility employers are advertising in job postings may not be what they end up giving, she said.
“Employers may be saying one thing, and the market may be slapping them down and telling them another,” Pollak said. “And usually the market wins.”
Employers who offer remote work benefit when it comes to recruitment and retention.
Employers that have been able to offer flexible schedules to workers may continue to do so even if the labor market continues to cool, Hamrick said. More

The U.S. Department of Education released a chart estimating how much borrowers’ bills could fall to under the SAVE plan, based on household size and income.
Single borrowers earning less than $32,800, or a family of four making under $67,500, will not owe loan payments anymore if they enroll in the option.

Dikushin | Istock | Getty Images

Here’s what else to know.

Many borrowers’ bills will be cut in half

The SAVE plan is an income-driven repayment plan that can cut borrowers’ monthly payments in half, according to the Education Department.
Some of the benefits of the plan won’t fully go into effect until next summer, due to the timeline of regulatory changes.
Instead of paying 10% of their discretionary income a month toward their undergraduate student debt under the previous Revised Pay As You Earn Repayment Plan, or REPAYE, borrowers will eventually be required to pay just 5% of their discretionary income.

The reduction in payments on undergraduate loans to 5% from 10% of discretionary income will be available to borrowers in July 2024, when the SAVE plan is fully implemented.
At that point, borrowers who have both undergraduate and graduate loans will pay a weighted average between 5% and 10% of their income based upon their original principal balances, the Education Department said.
But borrowers who enroll now in the SAVE plan — or before bills restart in the fall — should see certain benefits sooner.

New payment amounts could kick in by fall

Most borrowers who apply for the SAVE plan by mid-August should see their new monthly payment amount reflected in their autumn statement, according to the Education Department.
Even before the drop to 5% of income, many people will see lower bills. That’s because the SAVE plan also increases the income exempted from the payment calculation to 225% of the poverty line, from 150%.

As a result, single borrowers earning less than $32,800 or a family of four making under $67,500 will not owe loan payments anymore if they enroll in the option.
If your student loan servicer can’t process your application for the SAVE plan by the time payments resume, it should place you in a temporary forbearance.
The Biden administration expects as many as 20 million people could benefit from its new program. More