Supreme Court Blocks Loan Forgiveness

The Supreme Court ruled against President Biden's plan to forgive up to $20,000 per borrower, deeming it unauthorized.

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Debt Forgiveness Plan B

President Biden pursues debt forgiveness under the Higher Education Act through a negotiated rulemaking process.

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SAVE Plan Launches

The Saving on a Valuable Education income-driven repayment plan aims to make federal loan repayment more affordable, with $0 monthly payments for low-income borrowers.

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3.6 Million Borrowers Forgiven

Despite no sweeping debt relief program, the Biden administration forgave loans to 3.6 million borrowers, totaling $132 billion.

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Pandemic Forbearance Ends

Federal student loan forbearance due to the pandemic officially ends, with interest resuming in September and payments due in October.

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Employer Loan Payment Matching

The Secure 2.0 Act allows employers to match employees' student loan payments with contributions to their retirement accounts.

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SAVE Plan Payment Reduction

In summer 2024, the SAVE IDR plan's monthly payments drop to 5% of discretionary income for undergraduate borrowers.

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Quicker Forgiveness for Small Balances

Borrowers with small initial balances (up to $12,000) will have remaining balances forgiven after 10 years of repayment.

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SAVE Plan Provisions in 2024

Additional provisions of the SAVE Plan include a quicker path to forgiveness and varied repayment periods for graduate borrowers.

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Conclusion

As borrowers adjust to repayments, the year 2024 promises positive changes, including employer support and further reductions in loan payments.

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