Lisa Mailhot | November 22, 2024
Buyers
As student loan borrowers face potential changes under the incoming administration, now is the time to prepare. With forgiveness programs and repayment options in flux, these seven steps can help ensure you’re ready for what’s ahead.
Not all forgiveness programs are at risk of disappearing. Statutory initiatives like Public Service Loan Forgiveness (PSLF) and Total and Permanent Disability Discharge are harder to repeal, but changes could still occur. Stay informed about your eligibility and ensure you understand your options now.
Tip: Check your forgiveness progress on StudentAid.gov and dispute inaccuracies promptly.
PSLF remains a top choice for borrowers in government or nonprofit careers, but it requires proactive maintenance.
The SAVE plan, which offers lower payments and eventual forgiveness, faces legal challenges. It could be struck down or repealed under the next administration. Borrowers on SAVE should evaluate alternative income-driven repayment (IDR) plans, like IBR or PAYE, and budget for potential increases in monthly payments.
Recent graduates or borrowers exiting grace periods should prepare for repayment without the SAVE plan. Use the Department of Education’s Loan Simulator tool to compare repayment plans and understand which options align with your goals.
Expect higher payments if:
Consider consulting a tax advisor if filing taxes separately might lower your payment.
Defaulted borrowers will face renewed collection efforts in 2025. Take action now:
Loan servicing errors and mismanagement are rampant. Protect yourself by:
Pro Tip: Your state attorney general’s office or student loan ombudsman can assist with disputes if federal options falter.
As 2025 approaches, student loan borrowers must be proactive in navigating a changing landscape. Whether you’re working toward forgiveness or exploring repayment plans, staying ahead of policy changes is key. Take action now to secure your financial future. Let’s connect to discuss how this impacts your real estate journey or broader financial goals.
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