Federal student loan repayment can feel complicated, particularly when plans, deadlines, and borrower requirements change. Former SMCC students and other members of the College community do not have to manage those changes alone.
The Saving on a Valuable Education, or SAVE, repayment plan ended following court action in March 2026. Borrowers enrolled in the SAVE plan are being contacted by their federal loan servicers and will generally have 90 days from the date of that notice to select another repayment plan.
Receiving a notice about your loans does not mean you need to panic. It means it is time to review the information, learn about the available options, and make a plan that reflects your circumstances.
Free FAME webinar offers repayment guidance
The Finance Authority of Maine, or FAME, will host a free webinar, “Need Help Choosing a Student Loan Repayment Plan? Start Here with Betsy Mayotte,” from noon-1 p.m. Friday, Aug. 7.
Mayotte, a student loan expert, will explain the latest federal repayment updates and give practical guidance for borrowers to select a new plan. The session may be particularly useful for recent graduates and borrowers currently in SAVE forbearance, but anyone with federal student loans is welcome to attend.
Register for the Aug. 7 webinar:
https://famemaine.zoom.us/webinar/register/WN_w0J4iq1sRMSaPMD1MD8BJw#/registration
Registration is requested for the free session. A recording will also be available for those who cannot participate live.
Start by gathering information
Even when a repayment change does not appear to affect you immediately, learning about your loans now can help you avoid surprises later.
Borrowers may be in different stages of repayment. You may still be enrolled, be within a grace period, have loans in deferment or forbearance, or already be making payments. Your situation can also change when you leave school or drop below half-time enrollment.
The important step is to determine where your loans stand and what action, if any, is required. The goal is not to make loan repayments feel frightening. It is to help borrowers get the details they need so they can make a workable plan.
Resources that can help
FAME provides student loan repayment and financial wellness information for Maine borrowers. Its Financial Check-in with FAME series offers free sessions on timely financial topics.
ECMC Solutions provides free student loan counseling and resources covering repayment, grace periods, deferment, forbearance, delinquency, default and possible loan forgiveness or discharge programs.
Visit: https://www.ecmcsolutions.org/
Federal Student Aid allows borrowers to review their federal loans, identify their loan servicer and compare repayment options.
Visit: https://studentaid.gov/
Your loan servicer can provide information specific to your loans and account. Servicers may also be able to explain options that could help when employment, income, health, family responsibilities or other life circumstances affect your ability to make payments.
Do not ignore messages about your loans
Watch for emails, texts, or mail from Federal Student Aid as well as your loan servicer, and make sure your contact information is current. Read the entire notice, confirm any applicable deadlines, and use trusted resources before making a decision.
Borrowers who feel overwhelmed may be tempted to put the notice aside. Reaching out early is usually the most productive first step. Information and support are available, and understanding your options can help you move forward with greater confidence.
We are always here to help you in any way we can. If you have questions or need assistance, please stop by the Financial Aid Office in the Captain’s House at the corner of Fort and McKernan Center roads, call 207-741-5518, email smccfinancialaid@mainecc.edu or visit www.smccME.edu/financialaid.