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Some Student Loan Forgiveness Programs Are Set to End Soon

By Zack Geist, Founder of Student Loan Tutor
February 28, 2024

Student loan programs and policies can be intricate and subject to frequent changes in case you haven’t noticed. Understanding the eligibility criteria, application processes, and potential benefits of different forgiveness plans requires careful attention to detail. With that being said, the Biden Administration has introduced several student loan programs aimed at easing the burden of high debts, many of which are approaching their end dates this year.

One time account adjustment

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.

Backdated payments may now include any months deferment prior to 2013 and any months of payments before consolidation of federal student loans. We have seen many of our chiropractor clients get full loan forgiveness and due to the American Rescue Plan Act, the loans that were forgiven are not considered taxable. So it’s like receiving a scholarship after the fact, as I like to say. It is super important you see if you qualify for this adjustment.

On-ramp transition period

The 12 month “on-ramp” transition period, which began last fall, will conclude on September 30, 2024. During this period, servicers are not supposed to report missed, late or partial payments as delinquent but that doesn’t mean there aren’t any negative consequences with credit scoring companies.

Some may have noticed your loans in forbearance status retroactively for any payments you missed. That said, student loan payments are still due, and interest will continue to accrue for the entirety of the on-ramp period which is why we recommend getting you on the Save plan.

Fresh Start Program

Additionally, the enrollment period for the “Fresh Start Program” will end on September 30, 2024 as well. It's understandable to feel overwhelmed by student loan debt, and it's not uncommon for individuals to struggle to keep up with payments. If you've allowed your loans to fall by the wayside, it's important to take proactive steps to address the situation.

The Fresh Start program could be a valuable option for you to consider. It’s designed to help borrowers who have defaulted on their loans by providing a pathway to restore their "in-payment" status, transfer their defaulted loans to a new loan servicer, and have the default removed from their credit scores. It's never too late to take control of your student loan situation, and programs like Fresh Start can provide the support you need to get back on track.

These initiatives provide valuable support to borrowers grappling with student loan debt, offering avenues for repayment flexibility and financial stability. Don't miss out on the potential to minimize interest accrual and maximize your loan forgiveness.

Sign up now for a free evaluation with Student Loan Tutor to ensure you're making the most of these loan forgiveness programs and get help managing your student loan debt effectively. Student Loan Tutor is the only company who not only offers strategy implementation but also provides full service document preparation and loan management which they have been doing for over 10 years.   

About the Author

Zack Geist

Zack Geist founded Student Loan Tutor in 2015. As one of the leading experts in federal student loan repayment he and his team have taught thousands of student loan borrowers all over the country how to save enormous amounts of money and hassle. He currently resides on the Hamakua Coast of Big Island Hawaii.

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