Recent findings from the U.S. Government Accountability Office (GAO) highlight the pressing need for expert assistance to ensure compliance and accuracy. According to the GAO, signs of potential fraud have been detected in income-driven repayment plans, impacting more than 110,000 borrowers.
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On July 18, 2024, a Federal Court issued a stay preventing the Department of Education from operating the Saving on a Valuable Education (SAVE)Plan. The Department of Education is currently assessing the ruling.
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As the specter of a new presidential election looms, the urgency for Americans burdened with student debt to capitalize on existing forgiveness programs has never been more pronounced. With each passing administration, policies regarding student loans undergo potential shifts that could significantly impact borrowers' financial futures.
After the one-time account adjustment is completed by the Department of Education in July 2024, the loan servicers and Department of Education are looking to implement a new tracking system for updates on eligible payments for Income-Driven Repayment plans.
The Biden Administration revealed on Friday April 12th that over 275,000 borrowers enrolled in programs like Saving on a Valuable Education (SAVE), public service loan forgiveness (PSLF), and those benefiting from previously announced adjustments to income-driven repayment plans are set to receive substantial student debt relief totaling $7.4 billion.
The “one time account adjustment” is set to end by April 30, 2024. This adjustment benefits over 3.6 million federal direct loan borrowers enrolled in forgiveness programs. It specifically allows borrowers to have all previous payments, regardless of loan or repayment type, count toward forgiveness.
Recent updates to the federal student loan program will allow some borrowers to count backdated months toward their loan forgiveness date, and the Biden Administration is waiving federal taxes on loans forgiven through 2025.
For most of our clients, their effective interest rate is considerably lower than the stated interest rate. In some cases, it might even be 0%, sometimes negative 50%, and in extreme cases, even negative 100% interest.
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