July 26 edit:

Ed has issued updated info that answers many of the faq posted here.

https://www.ed.gov/Save

Please read it yourself but in short they are bringing back paye icr and repaye for now and confirm buyback will be an option for these forbearance months. Also confirms borrowers on save should not make their August payment in an attempt to make it count.

A court blocked the save plan this afternoon in a very short ruling. Because the ruling is so short we are unclear of the total effects. The department of justice will have to make that determination in the coming days

What I don't expect is past save payments to suddenly not count. The courts have already expressed they have no desire to do that.

https://www.politico.com/news/2024/07/18/appeals-court-blocks-save-plan-00169401

I expect this will pause the one time adjustments

I don't know if the Ed will pause payments as this gets worked out. They may but if likely only for borrowers already on save. If they do I don't know if it will count towards forgiveness

I don't think anyone should be taking any action on their student loans as a result of today's ruling. Wait until we get more guidance and/or the court process goes through it's paces

Pure speculation on my part but I'd be surprised if the Ed didn't now try to fast track this with the SCOTUS to get it settled once and for all. The timing of that is unknown but likely over the next few months

If you're itching to take action write your member of Congress and tell them to make the save plan law. That would protect it

Edit: the Ed has announced that those in save will be placed on 0% forbearance as this plays out. As of now it doesn't count for pslf or IDR forgiveness but it's not impossible that could change. For those pursuing pslf forgiveness I would consider letting the forbearance ride and if they don't change their stance on it use the pslf buy back provision when the time comes. https://www.ed.gov/news/press-releases/statement-us-secretary-education-miguel-cardona-8th-circuit-court-appeals-ruling-biden-harris-administrations-saving-valuable-education-save-plan

https://studentaid.gov/manage-loans/forgiveness-cancellation/public-service/public-service-loan-forgiveness-buyback

Edit July 25. While there’s no official word on this from the feds it’s possible the idr and consolidation online applications could be down for weeks. It appears paper applications are still a possibility but I wouldn’t expect any save applications to be processed. https://www.forbes.com/sites/adamminsky/2024/07/24/student-loan-forgiveness-and-repayment-plans-face-months-of-disruption-due-to-gop-lawsuits-warn-officials/