In 2024, changes to student loan policies will significantly impact borrowers. This guide outlines the key deadlines you should be aware of.

Key Deadlines for 2024 Student Loan Changes

• January 2024: Federal student loan payments resume after the pandemic pause.
• June 30, 2024: Deadline to apply for loan forgiveness under the Limited PSLF Waiver.
• July 2024: Implementation of income-driven repayment plan changes.
• August 2024: Start of annual recertification for income-driven repayment plans.
• September 2024: Deadline for submitting applications for Teacher Loan Forgiveness.

Frequently Asked Questions (FAQs)

1. What happens when payments resume in January 2024?

• Monthly payments on federal student loans will restart. Borrowers should prepare for their payment amount and due dates.

2. How do I apply for the Limited PSLF Waiver?

• Applications can be submitted to your loan servicer by June 30, 2024. Ensure all qualifying employment periods are documented.

3. What changes are being made to income-driven repayment plans?

• Income-driven repayment plans will have a recalibrated formula to lower monthly payments and ensure better borrower affordability.

4. How and when do I recertify my income-driven repayment plan?

• Recertification occurs annually starting in August 2024. Updates can be submitted through your loan servicer’s portal.

Statistical Overview

Mind Map of Student Loan Changes

• Student Loan Changes 2024
  • Payment Resumption
    • January 2024
  • Limited PSLF Waiver
    • Application Deadline: June 30
  • Income-Driven Repayment Changes
    • New formulas
    • July Implementation
  • Annual Recertification
    • Starting August

Conclusion

As these deadlines approach, it’s crucial for borrowers to stay informed and prepare for the upcoming changes in student loan policies. Ensuring that you are aware of these changes can help you manage your loans effectively and avoid potential pitfalls.