Federal student loan borrowers who enrolled in President Biden's SAVE income-driven repayment plan have been in an interest-free forbearance for nearly a year.

Education Secretary Linda McMahon, in a statement, urged "all borrowers in the SAVE Plan to quickly transition" to a different loan program.

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.