Mass student loan forgiveness was struck down last summer by the Supreme Court, but all hope for debt relief isn’t lost.
Nearly 44 million Americans held student loans valued at more than $1.6 trillion at the end of March, according to the New York Federal Reserve. President Joe Biden has already erased $127 billion in student debt so far for more than 3.5 million borrowers − more than any other president in history − by tapping existing programs that were previously hard to access for many borrowers seeking relief.
Some of those student loan forgiveness initiatives are approaching key deadlines or cutoff dates − including one by Dec. 31 − and require some quick action by you. Other programs will start in 2024, but you should be aware of them now and plan accordingly.
To make sure you don’t miss a chance to make a dent in your student debt, we’ve compiled of list of dates you need to know.
Dec. 31, 2023
If you have a loan that isn’t held by the Department of Education, such as a commercially held Federal Family Education Loan (FFEL), school-held Perkins loan, or a Health Education Assistance Loan (HEAL), you’ll need to consolidate your loan into a new Direct Consolidation Loan before Dec. 31, to get credit for that loan under the Income-driven repayment (IDR) account adjustment.
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A one-time IDR account adjustment could change whether certain payments or months are credited toward your loan forgiveness. Borrowers who work…
