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.

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

The Department of Education has announced that 0% loans will start accruing interest on August 1 for student loan borrowers in the legally-challenged Saving on a Valuable Education plan, while wage garnishment will begin later this summer.