Important dates for student loan borrowers in 2024 are a new forgiveness plan in May, more repayment help in July, a grace period ending in September, and final rules for the new plan by November.
Key Student Loan Dates and Benefits
According to Finance Buzz, when the pause on student loan payments ended last October millions of Americans had to start paying their loans again which can be tough to manage. Student loan borrowers need to keep track of key dates in 2024. In May, the Biden administration is expected to finalize a new loan forgiveness plan and in July, a new benefit will cut undergraduate student loan payments in half for many people.
Until September 30, 2024, there’s a grace period where late or missed payments won’t be marked as delinquent, yet interest will continue accruing. This interim aims to assist borrowers in readjusting to regular payments. If managing student loan payments becomes challenging, it’s advisable to engage with your loan servicer to explore more manageable repayment plans or potential forgiveness avenues.
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(PHOTO: New America)
New Student Loan Forgiveness Rules Coming in November 2024
Furthermore, by November 2024, new rules for the student loan forgiveness plan will be announced. These rules aim to help people with high student loan balances and those who have been paying loans for a long time. Staying informed about these changes and managing your payments well can help you achieve financial stability.
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