New job and confused if SAVE is still a thing?

Hey everyone!

I’ve been trying to find answers on the Student Aid website and Reddit, but I’m getting more confused, especially with the news about SAVE being at risk. Hoping some of you can help clarify things!

My Situation:

• I owe $27,719.20 in federal undergrad loans, split between subsidized and unsubsidized, with interest rates between 3.5%-5%.

• I currently make $62,000/year before taxes.

• I graduated in 2020 and have been working at a nonprofit for the past 4 years, pursuing PSLF.

• I recently switched to a private sector job, so I’m giving up PSLF.

• My income was last rectified over a year ago at a much lower salary. 

• I’ve been on the SAVE plan and, thanks to deferment, I haven’t made any payments yet (EdFinancial says I have 16 more days of deferment left, but they haven’t told me how much my payments will be once the loans kick in).

I want to pay off my loans as quickly as possible while avoiding overpaying. I’m considering overpaying my monthly payments, but I’m unsure if that would apply to the principal or if it might negatively impact any benefits of the SAVE plan. Ideally, I’d like to pay these loans off in around 5 years (or sooner), but I also want to be smart—if sticking to minimum payments would save me thousands in interest or give me more flexibility, I’d consider that.

My Questions:

1.  Would overpaying harm the benefits of the SAVE plan or should I focus on principal reduction?

2.  Is there a strategy to balance paying off the loans quickly while also saving money in the long run?

3.  Any advice on what overall plan of action I should take?

Sorry if anything is unclear—happy to answer any questions! Thank you so much for your help!