Actionable steps you can take today to get ahead of major upcoming changes — like an end to the payment pause, pending repayment plan revisions, updated bankruptcy guidance and more.
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The Biggest Pandemic Student Loan Repayment Changes to Know
Since 2020, student loan borrowers have encountered an onslaught of changes, including more than three years of paused payments, an upcoming repayment plan overhaul and potential debt cancellation. Confused about where things stand? Here are the biggest student loan changes to know from the past few years — and steps you can take today as repayment looms.
The Supreme Court is set to rule on the White House’s up-to-$20,000 student debt cancellation plan by late June. Its final decision is still anyone’s guess, but here’s what legal experts and activists took away from the court’s oral arguments in February.
The White House has extended the federal student loan payment pause, known as forbearance, nine times since March 2020. Currently, bills are set to resume later this summer — here’s how to prepare.
The Education Department aims to revise a repayment plan that could cut monthly payments in half for most people with undergraduate student loans. The overhaul could change the game for borrowers — but you can’t sign up until the end of 2023, at the earliest.
The federal student loan servicer landscape will get a refresh in 2024. Eventually, borrowers will encounter a more streamlined experience with servicers, which are the companies that manage their student loan payments.
The government is offering a temporary program called Fresh Start to help borrowers with student loans in default get them back into good standing, including a bevy of benefits like allowing them to access better payment plans and removing negative credit score marks.
