Millions of Americans are severely hampered by the average $37,000 in outstanding student loan debt. Several initiatives have been implemented by the Biden administration to help ease this financial burden; nevertheless, it is crucial to keep track of significant dates to ensure that you are eligible to receive these benefits. On June 30th, the Supreme Court will issue a ruling on whether or not existing student debts are eligible for cancellation. If the judgement is in the borrowers’ favor, loan forgiveness may begin soon afterward; otherwise, the Biden administration would have to rethink the program. The 60-day ban on new student loans will end whichever comes first: June 30 or the day the Supreme Court issues a ruling. Unless the moratorium is extended, federal student loan repayments might start around August 30. At long last, the Biden administration has announced an Income-Driven Repayment Adjustment that would include past payments toward debt cancellation in IDR programs. As of December 31st, this modification will apply to all previously completed payback periods. If borrowers want to take advantage of these programs and lower their student loan debt, they must keep themselves informed and act before the deadlines.
