WASHINGTON — If you’re a holder of federal student loans, there’s still time to plan for upcoming changes that will impact millions of borrowers.

After the Supreme Court put the brakes on an ambitious student debt forgiveness plan, President Joe Biden developed a new option that reduces the amount borrowers must pay from their discretionary income.

Dubbed the Saving on a Valuable Education, or SAVE, plan, it could help borrowers reduce the amount they pay over the life of their loans. Here’s what to know.

When to sign up for student loan repayment?

There is no specific date yet, but the application will be available sometime this summer. Borrowers can also directly contact their loan servicer.

According to The Sum, a team of McClatchy economic and finance journalists who cut through the financial jargon to help readers understand how these issues impact people’s lives, borrowers are automatically placed on the plan once it opens.

However, if you apply for SAVE this summer, your application should be processed before your first payment due date.

The team at The Sum, which verifies information from diverse sources, also notes to keep an eye out for communications from the Office of Federal Student Aid. The office will notify borrowers directly with detailed instructions and information.

This means that borrowers just have to sign up and make payments. Your loan balance won’t grow as long as you keep up with payments.

Another option is the Revised Pay As You Earn, or REPAYE, plan. The repayment plan allows borrowers personalized monthly payments generally equal to 10% of the borrower’s discretionary income, divided by 12.

You can follow The Sum on Instagram and TikTok for more financial advice and information. You can also sign up for their five-week budgeting newsletter at thesum.news.

How do you find your loan provider?

After the last few years of question marks over student loans, the first step for every borrower will be to refresh their memory about how much they still owe and who they owe it to. The federal government works with multiple providers.

Here’s what to do: Go to StudentAid.gov. Select menu in the top right corner and log in. Verify contact information (including email, phone and address). Check upcoming payments, servicer, due date and amount due. Check the total loan balance, broken down by principal and interest. Consider applying for an income-driven repayment plan. Go to the servicer website (register if needed). Set up automatic payments.

What is a loan repayment simulator?

Figuring out how much you still owe, what the interest and principal amounts are, and who you owe it to are must-do first steps and are especially important because some student loan providers have changed in the last few years.

Once you determine which company your loan servicer is, the Federal Student Aid office recommends using the department’s loan simulator to find the right repayment plan.

The loan simulator looks at your personal information, loan information and repayment goals. Then it works out the fastest payoff, the lowest monthly payment, the lowest total paid over time, the monthly payment of your choice, and the total paid by a specific date.

What happens if you don’t pay back student loans?

If you stop making payments on your student loan or make several late payments, your loan may default.

The first step of defaulting is when your loan account becomes delinquent. A loan account going delinquent occurs when you fail to pay on time. If your account remains delinquent for 90 days — or 270 days under the William D. Ford Federal Direct Loan Program or the Federal Family Education Loan Program — it will be considered in default.

If your account enters default, it will likely damage your credit rating and future borrowing ability. Additionally, the government can collect payments for your loan by taking money from your wages, tax refunds or other government payments. Here are some other potential consequences of going into default on your student loan:

• The entire unpaid balance and any interest you owe can become due immediately, thanks to a process called acceleration.

• You can no longer receive deferment — a temporary postponement of payments on your loan — and you can lose access to other benefits, such as the ability to choose specific repayment plans.

• You can lose eligibility for additional federal student aid plans.

• You may be unable to purchase or sell assets such as real estate.

• Your loan holder can take you to court. You may be charged court costs, collection and attorney fees during this process.