Happy Thursday, y’all!

Soon, millions of federal student loan borrowers will have to switch repayment plans, and there’s a dizzying array of options for them to choose from.

Bad news first: All of the repayment options are likely to result in higher monthly payments. The good news? There’s still time to plan and budget so the transition is as smooth as possible.

Let’s get to it. — Adam Hardy

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Can’t Afford Your Bill Under the New Student Loan Repayment Plans? Here’s What to Do

With President Donald Trump's student loan reforms now in effect, all borrowers should review their repayment options. If you're enrolled in the defunct Saving on a Valuable Education (SAVE) plan, do this ASAP.

The plan is officially ending, and the 7.5 million borrowers who hunkered down in it are beginning to receive 90-day notices from the Education Department telling them to formally leave and begin repayment. Many of these borrowers haven't had to make payments for years while the plan was challenged in court and due to pandemic-era payment freezes. For them especially, returning bills will come as a "payment shock," experts say.

If you receive the 90-day notice and ignore it, the Education Department will default you into the standard repayment plan, likely the most expensive option. So use this time to weigh your options carefully.

The easiest way to do that is with the Federal Student Aid's repayment calculator. It estimates monthly payments under each plan you're eligible for based on your income, loan balance and family size. For the best results, make sure your payment and household information is up to date.

If those payments are still too high, don't panic. Older options like the extended or graduated payment plans can make bills more manageable month-to-month (although that might come at the expense of paying more over time).

And if you're going through financial hardship, you may qualify for a temporary forbearance with your loan servicer. But this is just an individual stopgap and won't last indefinitely like the other blanket payment freezes.

For more strategies to manage the return of student loan payments, tap below. — AH

Your regular health insurance usually doesn't work on a trip

Getting sick or injured abroad is stressful enough — but it can also be expensive. Most U.S. health plans offer little to no coverage overseas, which means even minor treatments can lead to major bills. That’s where travel insurance can help. It covers eligible emergency costs, so you're not forced to pay out of pocket during an already difficult time.

Explore Money’s top travel insurance providers to find the right plan for you and your family.

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In news that won't surprise anyone who's stepped into a doctor's office recently, healthcare costs for retirees are growing quickly, according to a Fidelity report published this week. 

A 65-year-old retiring this year can expect to spend an average of $185,500 on health and medical expenses during retirement. That’s up 7.5% from one year ago, following increases of 4% in 2025 and 5% in 2024. Overall, projected retiree health costs have more than doubled since Fidelity published its first estimate of $80,000 in 2002.

Fidelity attributes the latest spike to rising prices for medical care, increased use of health services and growing costs associated with chronic conditions. 

The estimate tallies what a retiree on Medicare would owe for premiums, deductibles, copays, coinsurance and out-of-pocket prescription drug costs, along with certain services Medicare doesn’t cover, such as vision and hearing exams. Critically, the estimate does not include long-term care costs, meaning retirees’ total health-related expenses could be significantly higher. 

On the bright side, after years of consistent increases in healthcare spending, it does seem that more older workers are clued in to how much of their budget it will eat up. In a separate Fidelity survey, 8 in 10 Americans said they understood how expensive healthcare will get as they age. — Kaitlin Mulhere

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This issue of Daily Money was written by lead data reporter Adam Hardy and editor Kaitlin Mulhere. It was edited by managing editor Julia Glum. Questions? Comments? Concerns? Please email [email protected] with any feedback.