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Navigating Student Loan Forgiveness Programs:
What Comes Next After the One-Time Account Adjustment

By Zack Geist, Founder of Student Loan Tutor
May 10, 2024

In recent years, the burden of student loan debt has been a significant concern for millions of borrowers in the nation. To address this issue, many student loan forgiveness programs have been implemented, offering relief to eligible individuals.

However, with recent changes, such as the one-time account adjustment, borrowers may be wondering about their options and what steps to take next. In this article, we'll explore the landscape of student loan forgiveness programs and provide guidance on what to do following the adjustment.

Understanding the One-Time Account Adjustment

The one-time account adjustment that ended April 30, 2024 for all borrowers with Direct Loans and Department of Education held FFEL loans is a significant policy change that may affect borrowers enrolled in student loan forgiveness programs. This adjustment happened automatically and backdated eligible months in repayment changes in interest rates, remaining time in Income-Driven Repayment plans and some borrowers received partial/full forgiveness of outstanding balances. While it offers relief to many borrowers, it's essential to understand its implications fully.

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.  It would be best to work with a professional to see exactly where the loans are in the process for forgiveness and make sure you are prepared for the tax implication when the loans are discharged as earned income.

Explore Available Options

With the one-time account adjustment in place, borrowers should explore available options for student loan forgiveness. These options may include income-driven repayment plans (including the new SAVE plan) and Public Service Loan Forgiveness (PSLF.)

Consider Consolidation or Refinancing

Depending on your circumstances, consolidating your student loans may be a viable strategy. Consolidation combines multiple loans into a single loan with a fixed/variable interest rate, simplifying repayment. Refinancing involves replacing existing loans with a new loan, often with a lower interest rate or better terms. However, refinancing federal loans with a private lender means forfeiting federal loan benefits, such as income-driven repayment plans and loan forgiveness programs. Here are Student Loan Tutor we do not recommend refinancing!

Depending on the specific circumstances, consolidation with the Department of Education may make sense to reset the forgiveness clock, for a longer time to prepare for the tax implications.

Stay Informed and Seek Guidance

As student loan forgiveness programs continue to evolve, it's crucial to stay informed about changes and updates. Follow reputable sources of information, such as government websites, official announcements, and trusted experts like Student Loan Tutor who can provide personalized advice based on your individual circumstances.


The one-time account adjustment is just one of many significant opportunity for borrowers to reassess their student loan repayment strategies and explore options for forgiveness. Though this adjustment has ended, there are many more loan forgiveness programs underway. Now is a better time than any to assess your current situation, and exploring available options, you can take proactive steps towards managing your student loan debt effectively. Remember to stay informed, seek guidance when needed, and take advantage of the resources and support available to you on your journey to financial freedom.

If you are currently paying over $150 per month on your student loans we can more than likely help you. 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 we 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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