New Delhi, July 25 -- WASHINGTON - For millions of borrowers who signed up for the SAVE income-driven repayment plan specifically because it brought their monthly payments to zero, the clock on doing nothing about it just started. Loan servicers began sending exit notices this week to the first wave of affected borrowers, and for those who receive them in July, the window to act closes September 29.

The Saving on a Valuable Education plan, a Biden-era program that enrolled roughly 7.5 million borrowers before federal courts struck it down, is formally in wind-down. What some borrowers are now discovering is that "wind-down" and "your deadline" are not the same date. The Education Department said nearly three million borrowers are in the ...