Student loan borrowers who expected smaller monthly payments under the new Saving on a Valuable Education, or SAVE, plan received some bad news on Feb. 18, when a U.S. appeals court blocked the program.

As a result, millions of people will need to switch to a new repayment plan soon.

The adjustment will likely be challenging, said higher education expert Mark Kantrowitz.

“Borrowers who were in SAVE will have to pay more on their federal student loans, in some cases double or even triple the monthly loan payment,” Kantrowitz said.

The recent appeals court order, in addition to blocking SAVE, also ended student loan forgiveness under other income-driven repayment plans.

Here’s what borrowers need to know.

(Income-driven repayment plans set your monthly bill based on your income and family size, and used to lead to debt forgiveness after a certain period, but the terms vary.)

The 8th U.S. Circuit Court of Appeals on Feb. 18 sided with the seven Republican-led states that filed a lawsuit against the U.S. Department of Education’s repayment plan.

While the legal challenges against SAVE were playing out, the Biden administration put student loan borrowers who had enrolled in the plan into an interest-free forbearance. That plan said the pause on any bill could last until December.

But now, Kantrowitz said, “It will likely end sooner under the Trump administration, within weeks or months.”

Borrowers should start looking now at their other repayment options, experts said.

The recent appeals court order against SAVE also ended student loan forgiveness under many other income-driven repayment plans, including the Revised Pay-As-You-Earn repayment plan, or REPAYE.

Currently, only the Income-Based Repayment Plan, or IBR, leads to debt cancellation.

However, if you’re pursuing Public Service Loan Forgiveness, you should be eligible for debt cancellation after 10 years on any of the IDR plans, said Betsy Mayotte, president of The Institute of Student Loan Advisors, a nonprofit that helps borrowers navigate the repayment of their debt. (PSLF offers debt erasure for certain public servants after 10 years of payments.)

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“It’s also important to point out that all the IDR plans cross-pollinate for forgiveness,” Mayotte said. “If someone has been on PAYE for eight years and now switches to IBR, they will still have eight years under their belt toward IBR forgiveness.”

There are several tools available online to help you determine how much your monthly bill would be under different plans.

Meanwhile, the Standard Repayment Plan is a good option for borrowers who are not seeking or eligible for loan forgiveness and can afford the monthly payments, experts say. Under that plan, payments are fixed and borrowers typically make payments for up to 10 years.

If you’re unemployed when student loan payments resume, you can request an unemployment deferment with your servicer. If you’re dealing with another financial challenge, meanwhile, you may be eligible for an economic hardship deferment.

Other, lesser-known deferments include the graduate fellowship deferment, the military service and post-active duty deferment and the cancer treatment deferment.

Student loan borrowers who don’t qualify for a deferment may request a forbearance.

Under this option, borrowers can keep their loans on hold for as long as three years. However, because interest accrues during the forbearance period, borrowers can be hit with a larger bill when it ends.

Tax-related identity theft continues to be a “serious problem,” with many victims facing processing and refund delays, National Taxpayer Advocate Erin Collins wrote in her January report to Congress.   

At the end of fiscal year 2024, the average processing time to resolve identity theft victim assistance cases was more than 22 months, up from 19 months the previous year, Collins reported.

For the 2024 filing season, the IRS confirmed more than 15,600 identity theft returns through Feb. 29, 2024, up from about 12,600 in 2023, according to a Treasury report issued on April 30.  

While many tax forms come in January, others won’t arrive until mid-February to March or longer, according to the American Institute of Certified Public Accountants. 

But once you have the necessary forms, “don’t be in a hurry to press ‘send,'” said Tom O’Saben, an enrolled agent and director of tax content and government relations at the National Association of Tax Professionals. 

You should always double-check key details like your name, Social Security number, banking information and other filing data. When it comes to return accuracy, aim to “measure twice, cut once,” he said.

With thousands of IRS layoffs this week, some experts worry the cuts could impact taxpayer service.

But your refund shouldn’t be affected if you file an accurate return electronically and select direct deposit for payment, O’Saben said.

Typically, you can expect the IRS to process your e-filed return within 21 days. “Corrections or extra review” could take longer, according to the agency.

“Barring a [system] crash, I would expect business as usual,” O’Saben said. “There shouldn’t be an issue meeting the timeline that the IRS lays out.”  

On Feb. 11, Elizabeth Aniskevich, an attorney at the Consumer Financial Protection Bureau, received a notice that she was being terminated immediately.

“I was completely shocked,” said Aniskevich, 39. She had been with the CFPB for nine months and imagined spending her entire career in the federal government.

“I didn’t expect it to unfold this way,” she said.

More than a week later, she’s still scrambling for basic answers. “There’s no information about what’s going on with my benefits, or what I need to do with unemployment,” Aniskevich said.

She’s worried about how she’ll pay the mortgage on her Washington, D.C., apartment after her emergency savings runs out in a few months.

“I’ve worked really hard to be financially stable,” Aniskevich said.

Aniskevich is one of thousands of federal workers laid off by the new Trump administration in recent weeks and thrown into financial and career uncertainty. President Donald Trump and Elon Musk‘s secretive government-slashing effort, the Department of Government Efficiency or DOGE, are working to shrink the federal workforce.

Losing one’s job is always difficult. But the suddenness and speed of the firings, which have affected offices from the Environmental Protection Agency to the U.S. Department of Education, have left workers especially in the dark about their rights and next steps, experts said.

“Most people would have selected the public sector because it has a reputation of being a more stable work environment than the private sector,” said Don Moynihan, a public policy professor at the University of Michigan. “But in this case, that stability proved to be an illusion.”

CNBC spoke with financial advisors and policy experts to get answers to some of the many important questions terminated federal workers likely have right now.

The Trump administration and Musk’s DOGE have largely targeted workers on a probationary status for cuts.

That’s because probationary workers, who have typically been in their position for a year or less, have fewer protections after they’re removed than do career civil servants, said David Eric Lewis, a political science professor at Vanderbilt University.

For example, probationary workers might not meet the requirements to appeal their termination to the U.S. Merit Systems Protection Board. The board reviews cases in which federal workers were laid off or suspended.

Still, there are limited cases when they can appeal, experts said. You should speak to an employment lawyer or your union representative for more details, experts recommend.

“They can also seek legal relief,” Lewis said. Your union may help you file your lawsuit in federal court, he added.

It can be more effective to bring your legal challenge as a group, with other terminated federal workers, Lewis said.

“That’s what is happening,” he said. “There’s a hope that there is at least a stop to these orders.”

A federal judge Thursday denied a bid by labor unions to block the mass layoffs across the federal workforce. The National Treasury Employees Union alongside four other groups filed a lawsuit against the firings on Feb. 12.

Federal workers can collect unemployment benefits through the Unemployment Compensation for Federal Employees (UCFE) program. Some government employees — including ex-military personnel discharged under honorable conditions and former members of the National Oceanographic and Atmospheric Administration — receive benefits through a separate program, known as the Unemployment Compensation for Ex-servicemembers (UCX).

The jobless benefits, which are supposed to arrive within two or three weeks after you apply for them, are nearly identical to those of private-sector workers, said Michele Evermore, senior fellow at the National Academy of Social Insurance. 

States — as well as U.S. territories and the District of Columbia — administer the payments. Workers must submit an application with the appropriate workforce agency. You should apply in the state or district where your last official duty station was located, Evermore said.

Those working remotely on a full-time basis likely need to file a claim in their state of residence, Evermore said.

Workers should apply for unemployment as soon as possible, experts said. Delays are likely amid the purge of government workers.

Those claiming UCFE benefits will likely need to include certain documents with their claim, including a SF-8, or a Notice to Federal Employee About Unemployment Insurance, as well as a SF-50, or a Notification of Personnel Action, according to the U.S. Labor Department.

Those applying for UCX benefits should have a copy of their service and discharge documents — DD-214 or a similar form, the Labor Department said. 

Federal employers are supposed to provide these forms to workers upon separation, but Aniskevich said the Consumer Financial Protection Bureau still hadn’t given her those documents as of Friday.

For now, she filed her unemployment application in Washington, D.C., without them.

“It’s stressful to have uncertainty about whether my claim can be processed given the lack of forms,” Aniskevich said.

Federal agencies appear to be citing lackluster performance as rationale for many job cuts in termination letters, experts said. Even so, workers should still apply for benefits, Evermore said. The cause must generally rise to the level of “gross misconduct” to prevent people from receiving aid.

This could delay benefits if the government contests a claim, however, experts said.

Those who wish to continue with their current health care should look into the federal government’s Temporary Continuation of Coverage, experts say. Under this option, you’re able to extend your federal workplace plan for up to 18 months after termination. (It’s similar to COBRA, or the Consolidated Omnibus Budget Reconciliation Act, for private-sector workers.)

Keep in mind that, with TCC, you’ll be responsible for the full cost of your premiums, plus any administrative fees.

“It’s going to be [a] pretty big hike,” said Brennan Rhule, a Reston, Virginia-based certified financial planner who specializes in federal workers.

If the new premium cost is too high to shoulder under TCC, you may qualify for a special enrollment period of the Affordable Care Act marketplace, according to Kate Ende, leader of the policy team at the Consumers for Affordable Health Care, a nonprofit. The special enrollment period typically gives you 60 days to sign up for a marketplace plan after you lost your coverage.

Medicaid might also be an option, Ende said, and if you qualify you can enroll at any time for it.

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Some auto lenders allow deferments, too, especially if you have a good payment track record. Meanwhile, your auto insurer may be able to adjust your coverage and lower your costs if you will no longer be driving long distances to work, Breyault said. 

For utilities like electricity, water, gas, internet and phone service, see if your providers offer a grace period or deferred payments, Breyault said. 

Those with student loan bills can request an unemployment deferment with their servicer.

Keep in mind that such concessions and breaks can be helpful in the near-term, but read the terms thoroughly. There could be long-term costs associated, such as interest continuing to accrue or other fees. 

Federal workers may withdraw their FERS contributions if they leave federal employment, but that may not be the best choice. It will take a while to build your pension back up if you return to federal service, said Katelyn Murray, a chartered federal employee benefits consultant and director of relationship management at Serving Those Who Serve.

If you leave the balance intact, you retain the years of service you’ve accumulated, Murray said. Having a FERS pension also allows retirees to continue health coverage through the Federal Employees Health Benefits, or FEHB, in retirement.

Even if you’re not sure you may return to federal work, you may want to think twice before cashing out, Murray said.

“It’s more about flexibility and keeping your options open,” Murray said.

Federal workers may have some flexibility with a Thrift Savings Plan that is like a 401(k) plan and allows employees to make contributions that are matched by government agencies.

Generally, participants who are at least age 59½ can make withdrawals without penalties.

In some cases, workers may qualify for the Rule of 55, which may allow them to take withdrawals from the TSP without having to pay a 10% early withdrawal penalty, provided they are at least age 55 when they leave their job (or age 50 for some public safety employees).

If you haven’t found another job yet, you can’t take a TSP loan, but you may be able to look at doing a hardship withdrawal, Murray said. Importantly, by doing so you may incur taxes and/or penalties, as well as delay your anticipated retirement date.