6 strategies to take control of student loans in last weeks of 2024

Experts offered six tips for student loan borrowers before the start of 2025.

The experts cited in the article noted that many student loan borrowers may feel uncertainty about debt relief as the Biden administration comes to an end, according to a report from CNET.

Borrowers were advised to check their student loan balances to determine whether they currently owe more money than they borrowed. They should review their statements to fully understand how much they may owe. Borrowers should then make a plan to begin repaying their loans once the SAVE plan ends and reevaluate their monthly budget to account for repayments.

The experts recommended that borrowers compare income-driven repayment plans. They can also look into the Public Service Loan Forgiveness program, which offers debt cancellation for public service employees working in a qualifying occupation for 10 years and making 120 repayments. The Public Service Loan Forgiveness buyback program will buy back months in which their loans were on hold during forbearance if their repayments will thereafter total 120.

Borrowers who are still students were counseled to pay their accruing interest to reduce the overall costs of their loans once the repayment period begins. The experts concluded that borrowers should never count on student loan forgiveness as a repayment strategy as a result of the legal challenges facing many of the Biden administration’s debt relief plans. Instead, borrowers should make informed plans to make full repayments of their student loans.

Read more: CNET 

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