What do I need to know about the recent student loan changes?

by Directions Credit Union

Student loans have undergone quite a few changes over the last few years. Backtracked statements and moving rollout dates have only made the headlines more confusing. As a borrower, though, it’s important to keep up with these changes. Here, we’ve outlined the important changes you need to know about and included steps you might need to take to benefit from these adjustments.

A brief overview of recent student loan changes

First, let’s take a look at the timeline of student loan changes of the last few years:

  • Mar. 2020 – Forbearance (a temporary pause) on student loans is enacted by the federal government in response to financial hardships caused by the coronavirus pandemic.
  • Apr. 2022 – The Education Department announces an Income-Driven Repayment (IDR) plan and Public Service Loan Forgiveness (PSLF).

 

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