February 2024 Student Loan Updates

The latest updates on student loan forgiveness are geared towards easing the burden of student debt for countless borrowers. Student loan agencies are actively working to support those who may face challenges in repaying their loans. Multiple options are available to simplify student loan payments, providing relief to borrowers. 

Last month, the Biden-Harris Administration announced that it will provide forgiveness after at least 10 years of payments for borrowers on the Saving on a Valuable Education (SAVE) Plan. This relief is available for borrowers who took out $12,000 or less in loans throughout their undergraduate career. This initiative took into effect in February 2024 for eligible borrowers with no further action required on their part. 

The implementation of the SAVE Plan’s forgiveness program marks a significant milestone in the ongoing efforts to address student loan debt. By providing relief to borrowers, the administration acknowledges the struggles faced by individuals from diverse socioeconomic backgrounds.  

Another update regarding student loans includes progress on the Public Service Loan Forgiveness (PSLF).  Through the PSLF Line provided by MOHELA, borrowers have the opportunity to consolidate Perkins, Federal Family Education Loans (FFEL) or PPL loans until April 1, 2024. Consolidating these loans helps borrowers to streamline their repayment process and potentially qualify for forgiveness under the PSLF program. Additionally, previous payments made on these loans will be eligible to be counted towards the required 120 payments for PSLF. 

College Now is committed to ensuring that everyone is informed of the latest developments regarding loans as they come in. While student loans often pose as an obstacle for borrowers to pursue opportunities beyond their postsecondary journey, College Now’s multiple resource centers remain the one-stop-shops offering free guidance on how to navigate the ever-changing updates on student loans and more.