Loans Student Loans

4 Dates Student Loan Borrowers Need to Know in 2024

Here are some key dates borrowers should add to their calendars.

By Laura Gesualdi-Gilmore

Edited by Chris Kissell

Updated Dec. 17, 2024

The federal pause on student loan repayment ended last October, jolting many of the more than 45 million Americans who carry student loan debt.

Now that payments have resumed, it is especially important to stay on top of your student loans if you hope to get ahead financially.

Here are five important dates borrowers should be aware of in 2024.

If you’re over 50, take advantage of massive discounts and financial resources

Over 50? Join AARP today — because if you’re not a member you could be missing out on huge perks. When you start your membership today, you can get discounts on things like travel, meal deliveries, eyeglasses, prescriptions that aren’t covered by insurance and more.

How to become a member today:

Go here, select your free gift, and click “Join Today”
Create your account (important!) by answering a few simple questions
Start enjoying your discounts and perks!

Important: Start your membership by creating an account here and filling in all of the information (Do not skip this step!) Doing so will allow you to take up 25% off your AARP membership, making it just $12 per year with auto-renewal.

Become an AARP member now

May 2024

Shortly after President Biden’s proposed student loan forgiveness plan was shot down last summer, the administration announced it would continue to take steps to help borrowers.

Forbes estimates that the administration will release a final draft of a new loan-forgiveness plan sometime in May, with regulations possibly going into effect later in the year.

In the meantime, the Public Service Loan Forgiveness program began a partial processing pause on May 1, which will likely run through July.

Who really has the cheapest auto insurance in your area? Check your zip code here.

July 2024

Additional benefits of the Biden administration’s Saving on a Valuable Education (SAVE) Plan will go into effect in July. Although the plan was announced in the summer of 2023, the benefits have rolled out gradually.

In summer 2024, undergraduate loan payments will be slashed by half — from 10% to 5% of income above 225% of the poverty line.

In addition, borrowers who took out $12,000 or less in loans might qualify for forgiveness in as little as 10 years.

September 30

To help borrowers avoid serious financial consequences, the government created an “on-ramp” period after the pause on student loan payments ended in 2023.

Through Sept. 30, 2024, the government will not report borrowers as delinquent due to missed, late, or partial payments. However, interest is still accruing during this period, and the grace period itself will end in September.

If you have missed payments since the payment pause ended, consider contacting your loan servicer to develop a repayment plan that better suits your financial situation.

Resolve $10,000 or more of your debt

Credit card debt is suffocating. It constantly weighs on your mind and controls every choice you make. You can end up emotionally and even physically drained from it. And even though you make regular payments, it feels like you can never make any progress because of the interest.

National Debt Relief could help you resolve your credit card debt with an affordable plan that works for you. Just tell them your situation, then find out your debt relief options.¹ <p>Clients who are able to stay with the program and get all their debt settled realize approximate savings of 46% before fees, or 25% including our fees, over 12 to 48 months. All claims are based on enrolled debts. Not all debts are eligible for enrollment. Not all clients complete our program for various reasons, including their ability to save sufficient funds. Estimates based on prior results, which will vary based on specific circumstances. We do not guarantee that your debts will be lowered by a specific amount or percentage or that you will be debt-free within a specific period of time. We do not assume consumer debt, make monthly payments to creditors or provide tax, bankruptcy, accounting or legal advice or credit repair services. Not available in all states. Please contact a tax professional to discuss tax consequences of settlement. Please consult with a bankruptcy attorney for more information on bankruptcy. Depending on your state, we may be available to recommend a local tax professional and/or bankruptcy attorney. Read and understand all program materials prior to enrollment, including potential adverse impact on credit rating.</p>

How to get National Debt Relief to help you resolve your debt: Sign up for a free debt assessment here. (Do not skip this step!) By signing up for a free assessment, National Debt Relief can assist you in settling your debt, but only if you schedule the assessment.

Try it

November 2024

After the U.S. Supreme Court struck down Biden’s student loan forgiveness plan, the Biden administration began developing a new program through a formal process called negotiated rulemaking ("neg reg").

The final public session of neg reg ended on December 12, and more details are emerging about potential eligibility and relief amounts under this new plan, expected in 2024.

The new proposal aims to assist borrowers with higher balances due to accumulating interest and those unable to repay loans after about 25 years.

Typically, draft rules would be expected by June or July, with final rules by November 1. However, due to the upcoming presidential elections, there might be an effort to expedite this timeline.

Bottom line

Student loan repayment can seem daunting, especially for those struggling to pay other bills or get out of debt in other areas of their lives.

If you are struggling to pay student loans, your student loan servicer should be able to discuss better repayment options and suggest any forgiveness for which you might be eligible.

More from FinanceBuzz: