My Secure Advantage

Federal Student Loan Updates

This article looks at the latest updates from the U.S. Department of Education regarding student loan repayments.
By MSA Staff

Student loan borrowers have been on a rollercoaster ride of information.  Many breathed a sigh of relief when a student debt relief plan was announced in 2022, only to have it challenged all the way to the Supreme Court. This article looks at the latest updates from the U.S. Department of Education regarding student loan repayments.

What the Supreme Court Ruling Means for Borrowers

Due to the Supreme Court ruling, the one-time student debt relief plan (announced in 2022) cannot move forward. This includes the applications that were already approved to receive relief under the program. Monthly payments will be due in October 2023. For more details regarding the one-time student debt relief plan and about payments resuming, visit

Resuming Payments

Many borrowers have not had to make payments due to the administrative forbearance created in 2020 during the COVID-19 emergency, which allowed for loan payments to be paused and interest rates set to 0% for eligible federal student loans. The upcoming end of the COVID-19 administrative forbearance begins in September 2023, and most borrowers must resume payments in October 2023.

Relief From Negative Consequences

The U.S. Department of Education is creating a temporary “on-ramp” period from October 1st, 2023, to September 30th, 2024, for making payments. For borrowers who can’t make payments, this “on-ramp” period may allow them to avoid default, negative credit reporting, or loans being sent to collections, if they have a partial, late, or missed payment. It’s important to note that interest will still accrue during this temporary “on-ramp” period.

The SAVE Plan

They are also replacing the current Revised Pay As You Earn (REPAYE) Plan with a new repayment plan called the Saving on a Valuable Education (SAVE) Plan. Some changes go into effect this summer, so visit for more information.

Public Service Loan Forgiveness

Some borrowers may be eligible to have their student loans forgiven through the Public Service Loan Forgiveness (PSLF) program, which continues to require 120 months of qualifying employment and 120 qualifying payments.  Eligible employment may include work for non-profits, the military, or federal, state, tribal, or local government.  For more information on eligibility and requirements, go to

For more information, to keep up to date or to learn more, see Also, consider talking to a Money Coach. They can help you with the process of creating or adjusting your budget to account for student loan payments. Call today to schedule an appointment.

Information provided in this article is for informational purposes only and is not intended to offer specific personalized investment, financial planning, tax, legal, or accounting advice.  We recommend that you consult an attorney, tax advisor, or accountant regarding your unique circumstances. My Secure Advantage, Inc. or any of its representatives do not endorse any of the websites or company names listed here.

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