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An income-driven repayment plan may be a good choice if you can't handle your monthly payments. The SAVE Plan is a simplified income-driven repayment (IDR) plan, which aims to provide more affordable student loan payments for borrowers with low to middle incomes. The SAVE Plan replaces the previous variations of IDR plans (Income-Contingent, Income-Based, Revised Pay As You Earn). The SAVE Plan calculates your payment based on a smaller percentage of your discretionary income compared to older IDR plans. Read more Read less Ryan Wangman, CEPF Loans Reporter Ryan Wangman was a reporter at Personal Finance Insider reporting on personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans.

Persons: Alexis Rhiannon Alexis Rhiannon, Read, Ryan Wangman Organizations: SAVE, Federal Stafford Loans, Unsubsidized Federal Stafford Loans, FFEL PLUS, Federal Perkins Loans, Student, Upright Citizens Brigade, Finance, Northwestern University, Boston Globe Locations: forbearance, Unsubsidized, Chevron, Los Angeles

☆ What borrowers need to know as the Public Service Loan Forgiveness program goes on a partial processing pause
▼ + stars: | 2024-05-03 | by ( Annie Nova | ) www.cnbc.com time to read: +1 min

Fg Trade | E+ | Getty ImagesThe popular Public Service Loan Forgiveness program began a partial processing pause on May 1, which will likely run through July, the U.S. Department of Education recently said. The temporary suspension comes as the Biden administration overhauls the once-troubled federal student loan program. Why the pause is happeningWhat borrowers can expect during the transitionThe Education Department will not review PSLF form submissions for roughly a two-month period, it says. Meanwhile, from May 1 through July, it says, "borrowers will not be able to see their PSLF payment counts on MOHELA's website." "During the transition, PSLF forgiveness will be suspended," said higher education expert Mark Kantrowitz.

Persons: Biden, Mark Kantrowitz Organizations: Public, U.S . Department of Education, Education Department

☆ Student-loan borrowers in public service will now have to wait until July for their debt relief forms to be processed
▼ + stars: | 2024-05-02 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +1 min

Applications to the Public Service Loan Forgiveness program are paused through July. During this time, borrowers can still submit applications, but they will not be processed. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementSome student-loan borrowers hoping for debt relief might have to wait a few months. Beginning on May 1, the Education Department placed a pause on any processing of applications to the Public Service Loan Forgiveness program, which forgives student debt for government and nonprofit workers after ten years of qualifying payments.

Persons: It's, MOHELA, — Organizations: Public, Service, Education Department, MOHELA, Business

☆ More than 1 million student-loan borrowers could soon be transferred to a new company after their servicer requested a lighter load, the Education Department says
▼ + stars: | 2024-04-29 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Read previewA major student-loan company has requested that it no longer manage some of the borrowers in its servicing portfolio. "MOHELA continues to serve as one of the Department's federal student loan servicers and will continue their support for millions of student loan borrowers," the blog post said. AdvertisementThis announcement comes as the Education Department is working to overhaul the student-loan servicing industry to make it easier to use for borrowers. Warren told BI in a statement that less than three weeks after she held the hearing, "the Education Department is taking critical action to protect student loan borrowers." Advertisement"There is more that the Education Department can do to hold MOHELA accountable, but today's action is an important first step," Warren said.

Persons: —, MOHELA, servicers, Sen, Elizabeth Warren, Warren Organizations: Service, Federal, Business, An Education Department, Public, Education Department, Federal Student Aid, Democratic Locations: MOHELA

Although Leslie has been chipping away at her student loan debt for about 15 years, she says it's been worth it in order to pursue her passion. Leslie used her DoorDash side hustle to help pay down her student loan debt. Leslie used her early DoorDash earnings to eliminate her car loan, then began throwing the rest at her remaining student loan balance. "It was really important that I got a lot of my student loan debt taken care of because then I was able to dedicate that back into myself and my health and my mental wellness," she says. Working toward a debt-free futureAlthough Leslie says her student loan debt is at a more manageable level, she plans to continue working part-time as a DoorDash delivery driver for now.

Persons: Shonnita Leslie, Leslie, it's, It's, Roth, she'll Organizations: CNBC, Public, Fi Insurance, Hulu, Roth IRA Locations: Connecticut, Houston , Texas, Houston, Leslie's, Texas, DoorDash

☆ Student debt is haunting Americans from graduation to retirement
▼ + stars: | 2024-04-16 | by ( Allison Morrow | ) edition.cnn.com time to read: +7 min

“I’ve had to just put all of my dreams aside and focus on surviving day to day,” Jes Evans, 35, told CNN. Many who responded said they were nearing retirement age but couldn’t imagine being able to stop working, saying they would take their debt to their grave. The White House has forgiven a staggering $153 billion in federal student loan debt, giving a financial lifeline to millions of borrowers. Davis graduated from chiropractic college in 1986, with about $30,000 in debt from federal student loans. He isn’t bitter about it, and he’s not counting on a magic wand to come and zap his debt away.

Persons: —, “ I’ve, ” Jes Evans, Evans, ” Evans, ”, Courtney Brown, they’re, ” Brown, Brown, “, Gallup, Josh, He’d, ” Josh, he’s, Amy Coody, she’s, that’s, I’m, Ralph Davis, Davis, ’, ” Davis Organizations: New, New York CNN, Gallup Lumina, CNN, United States, Lumina Foundation, Biden, Department of Education, Public Locations: New York, Pittsburgh, United, Oregon, Wetumpka , Alabama, Savannah , Georgia

☆ 277,000 student-loan borrowers who have 'paid what they can afford' for at least a decade are getting $7.4 billion in debt wiped out
▼ + stars: | 2024-04-12 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Biden announced another $7.4 billion in student-debt relief for 277,000 borrowers. It impacts borrowers on the SAVE plan, along with others on income-driven repayment plans and PSLF. The new relief comes just after Biden released new details for his broader student-debt relief plan. On Friday, President Joe Biden and the Education Department announced that 277,000 more borrowers will get $7.4 billion in debt relief. Still, the administration is moving forward with more targeted efforts for debt cancellation through its fixes to repayment plans, recently announcing $1.2 billion in relief for 153,000 borrowers through the SAVE plan.

Persons: Biden, —, Joe Biden, Education James Kvaal, Biden's Organizations: Service, Education Department, Public, Education, SAVE, Biden, Higher, GOP, Republican

☆ Student-loan forgiveness through Biden's new repayment plan faces another lawsuit from 7 GOP states
▼ + stars: | 2024-04-10 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Read previewAnother lawsuit to block President Joe Biden's new student-loan repayment plan has arrived. On Tuesday, Missouri's Attorney General Andrew Bailey led six other GOP states in filing a lawsuit to block the new SAVE income-driven repayment plan. It's a similar argument to the lawsuit Biden v. Nebraska, which the Supreme Court ruled had standing to strike down Biden's first broad debt relief plan. It said that due to the generosity of the SAVE plan, fewer borrowers will enroll in PSLF, thus undermining states' recruitment efforts into the public sector. This lawsuit follows Biden's release of new details for his broader student-loan forgiveness plan, which is set to benefit over 30 million borrowers.

Persons: —, Joe Biden's, Andrew Bailey, Biden's, It’s, E67qx1RMsP —, It's, Biden, MOHELA, Bailey Organizations: Service, Missouri's, Business, Education Department, else’s Ivy League, GOP, An Education Department, US Department of Education, MOHELA, . Nebraska, SAVE, of, Public Locations: Missouri, ., of Missouri, PSLF

☆ Student-loan borrowers in public service are facing a key change starting in May — and it'll mean delays in their debt cancellation progress
▼ + stars: | 2024-04-03 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Read previewSome key changes are on the way for thousands of federal student-loan borrowers in public service. President Joe Biden's Education Department recently posted new guidance on Federal Student Aid's website with updates to the Public Service Loan Forgiveness program. Once PSLF processing resumes in July, borrowers' loans will remain with their servicer, but the Education Department will fully manage the program. As a result, borrowers can view their PSLF payments directly on studentaid.gov, access "enhanced" services like status tracking for their applications, and see quicker processing times for PSLF. AdvertisementOn top of this transition, MOHELA is in the process of transitioning borrowers to a new servicing platform, which could mean up to 30-day delays in posting payments.

Persons: —, Joe Biden's, MOHELA, that'll, PSLF, Grant, Massachusetts Sen, Elizabeth Warren, Warren, Chuck Schumer, Sen, Bernie Sanders Organizations: Service, Joe Biden's Education Department, Federal, Public, Business, Teacher, College And Higher, Federal Student Aid, Education Department, PSLF, Protection Locations: Massachusetts

☆ Why student loan forgiveness remains a key issue for the Biden campaign
▼ + stars: | 2024-03-30 | by ( Katie Lobosco | ) edition.cnn.com time to read: +9 min

Still, the Biden campaign sees student debt forgiveness as a winning issue. The administration is working on developing another student loan forgiveness program, relying on a different legal authority this time. Student debt policy has come a long wayStill, student loan borrower advocates agree that forgiveness for nearly 4 million people is worth acknowledging. Before the 2016 presidential campaign, broad student debt cancellation was not an issue that candidates usually campaigned on. Cole also served on the Department of Education’s rulemaking committee tasked with developing the new student loan forgiveness program.

Persons: Joe Biden, Biden, It’s, –, ”, Braxton Brewington, “, ” Biden, Donald Trump, Trump, we’ll, it’s Joe Biden, Seth Schuster, Trump Democratic Sen, Elizabeth Warren –, Betsy DeVos, “ Joe Biden, ” Warren, DeVos, he’s, The Trump, it’s, There’s, that’s, Brewington, Wisdom Cole, Cole, Jill Biden’s, ” Cole, Warren, CNN’s Ariel Edwards, Levy Organizations: Washington CNN, Supreme, Republican, Biden, Trump Democratic, CNN, Education Department, Corinthian Colleges, The, PSLF, Department of Education, NAACP Youth & College Division, Department, Education’s, State, Union, Black, KFF, NAACP Locations: California, United States, Massachusetts

☆ Biden administration to forgive $5.8 billion in student debt for nearly 78,000 borrowers
▼ + stars: | 2024-03-21 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

US President Joe Biden speaks during an event to announce that his Administration has approved $1.2 billion in student debt cancellation for almost 153,000 borrowers at the Julian Dixon Library in Culver City, California, on February 21, 2024. The Biden administration announced Thursday it would forgive $5.8 billion in student debt for 77,700 borrowers through the Public Service Loan Forgiveness program. The Biden administration has so far cleared the education debts of nearly 4 million people, totaling $143.6 billion in relief. The Biden administration has worked to fix those issues. Before Biden's fixes to PSLF, just around 7,000 borrowers had received debt relief through the over 15-year-old program, according to the administration.

Persons: Joe Biden, Julian Dixon, Biden, Education Miguel Cardona, George W, Bush Organizations: Julian Dixon Library, Public, U.S . Department of Education, Education, Finance, Social, Security, Consumer Financial, Bureau Locations: Culver City , California

☆ A major student-loan company is 'impeding' borrowers' debt cancellation and 'mishandling' their monthly bills, Elizabeth Warren says. She wants its CEO to face Congress.
▼ + stars: | 2024-03-18 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

Read previewMassachusetts Sen. Elizabeth Warren has questions for the head of a major student-loan company — and she wants him to answer them in Congress next month. On Monday, Warren sent a letter to Scott Giles, the CEO of federal student-loan servicer MOHELA, inviting him to testify before the Senate banking committee on April 10. MOHELA was the first federal servicer to be punished by the Education Department for failing to fulfill its contractual obligations. "Your testimony will provide you with an opportunity to offer context on MOHELA's role as a student loan servicer at a time of significant transition for the federal student loan program," she added. Warren, along with other Democratic lawmakers, has previously scrutinized MOHELA's handling of student-loan borrowers' accounts.

Persons: —, Massachusetts Sen, Elizabeth Warren, Warren, Scott Giles, servicer MOHELA, MOHELA, servicer, Chuck Schumer, Sen, Bernie Sanders, PSLF, I'm Organizations: Service, Public, Business, Education Department, Democratic, Consumer Financial Protection Bureau Locations: Massachusetts, Nelnet

☆ A millennial got $76,000 in student debt wiped out last year. Now he's learned it was a mistake and has to dig into his retirement savings to afford payments again.
▼ + stars: | 2024-03-17 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

"So I mean, we upped our retirement contributions, put more in our savings account because we're saving to buy an apartment." According to David's account, he's expected to resume payments in April, and while he's not yet sure what the amount will be, he's already having to cut back on spending and dig into his retirement savings to make sure he can afford an additional bill. Since federal student-loan payments resumed in October after an over three-year pause, many borrowers have been struggling to get help from their servicers due to strained resources at Federal Student Aid, the office that oversees repayment. AdvertisementAs David waits for clarity, he's evaluating how much money he can withdraw from his savings account to face his student-loan payments once again. "I'm on the fortunate end of this in that I do actually have a savings account," David said.

Persons: David, David —, —, MOHELA, he's, We've, we're, Anne, hasn't, I'm Organizations: Service, Business, BI, Public, Education Department, Federal Student Aid, Republican Locations: PSLF, MOHELA

☆ A mom got $192,000 in student debt wiped out last year. But her servicer just told her the relief was a mistake — and she has to figure out how to afford monthly payments again.
▼ + stars: | 2024-03-09 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Anne, 46, received notice in June that her loans were forgiven thanks to her years of public service. But in late February, MOHELA told her the relief was an error, and her balance was reinstated. AdvertisementAnne breathed a sigh of relief in June when she received the notice she waited years for: her nearly $200,000 student-loan balance was forgiven. I really can't believe this is true," Anne told Business Insider. BI previously spoke to another borrower, Okwara, who MOHELA told that the loan forgiveness he received last year was a mistake.

Persons: Anne, MOHELA, —, She's, Anne isn't, I'm, Okwara, she's, it'll, I've Organizations: Service, Public, Business, PSLF, BI, Education Department

☆ Biden is still running on a promise to get student-loan forgiveness to 'as many borrowers as possible.' Here's where his debt relief efforts stand.
▼ + stars: | 2024-03-08 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +7 min

When Biden was first running for office, he campaigned on canceling $10,000 in student debt per borrower, along with reforming repayment programs like Public Service Loan Forgiveness. AdvertisementThe Education Department is undergoing a process to get relief to borrowers using a different law, but it will take time to reach borrowers. Targeted student-loan forgivenessWhile the Supreme Court struck down Biden's first try at broad student-loan forgiveness, he has still enacted smaller amounts of relief to borrowers through various reforms. Additionally, the Education Department has announced debt cancellation for borrowers defrauded by the schools they attended, including the major for-profit chains ITT Technical Institute and Corinthian Colleges. In February, the department announced $1.2 billion in debt relief for 153,000 borrowers, the first group to benefit from that provision.

Persons: —, Joe Biden, Biden, Clare McCann, Arnold Ventures —, McCann, Biden's, Donald Trump Organizations: Service, Public, Biden, Business, Department, Arnold Ventures, Education Department, ITT Technical Institute, Corinthian Colleges, Education, Higher Locations: PSLF, deferment

☆ A student-loan borrower who received debt cancellation a year ago was just told it was a mistake — and now his $93,000 balance is reinstated
▼ + stars: | 2024-03-01 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Okwara, 36, received a letter from MOHELA in May 2023 confirming his loans were forgiven. But on February 29, MOHELA sent a letter telling him the relief was a mistake, and his balance was reinstated. Okwara made those investments because he no longer had to worry about his student loans — or so he thought. On February 29, he received a letter that confirmed exactly what he feared: the forgiveness was a mistake, and his $93,000 balance had been reinstated in full. Did you get a notice that your student loans were reinstated after receiving forgiveness?

Persons: MOHELA, —, Okwara —, Okwara Organizations: Service, Business, PSLF, Public, BI, An Education Department, Education Department Locations: MOHELA

☆ 3 top Democratic lawmakers are calling for an investigation into a major student-loan company, accusing it of 'loan forgiveness mismanagement' for millions of borrowers
▼ + stars: | 2024-02-28 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Read previewThree top Democratic lawmakers want federal and state officials to investigate a major student-loan company. AdvertisementThey called on the CFPB and attorneys general to "investigate MOHELA and pursue action to the fullest extent possible under the law. We’re standing with @theSBPC and @AFTunion in expressing outrage at MOHELA’s student loan mismanagement. Since student-loan payments resumed in October after an over three-year pause, federal servicers have been under scrutiny over their handling of the return to repayment. AdvertisementIn January, the Education Department withheld varying amounts of pay from the other three federal servicers for the same reason.

Persons: —, Chuck Schumer, Elizabeth Warren, Bernie Sanders, MOHELA, they're, Biden, — Chuck Schumer, Warren Organizations: Service, Democratic, Consumer Financial Protection Bureau, Business, Protection, American Federation of Teachers, Sunshine Law, AGs, Education Department Locations: Sens, Missouri

☆ Nearly 153,000 people will be notified that their student loan debt is canceled
▼ + stars: | 2024-02-21 | by ( Katie Lobosco | ) edition.cnn.com time to read: +8 min

Washington CNN —Nearly 153,000 student loan borrowers currently enrolled in a new repayment plan launched by the Biden administration are expected to get an email Wednesday notifying them that their remaining federal student loan debt will be canceled, totaling about $1.2 billion. Biden’s plans to provide student debt relief were dealt a significant blow when the Supreme Court rejected his signature student loan forgiveness program last year. Nearly $138 billion of federal student loan debt has been canceled for almost 3.9 million borrowers since Biden took office. Most of the federal student loan debt cancellations that have taken place under Biden have come through programs that existed before he took office. The PSLF program cancels outstanding federal student loan debt for public-sector workers who have made 120 qualifying monthly student loan payments, or about 10 years’ worth of payments.

Persons: Biden, Joe Biden, Biden’s, “, ” Biden, he’s, Trump, Betsy DeVos, CNN’s Nikki Carvajal, Kevin Liptak Organizations: Washington CNN, Republican, Department of Education, SAVE, of Education, Office, PSLF, Corinthian Colleges, Social Security Administration, Department of Veterans Affairs, Department, Education, Social Security Locations: Culver City , California

☆ Biden has forgiven $136 billion in student debt. More relief is on the way
▼ + stars: | 2024-02-12 | by ( Annie Nova | ) www.cnbc.com time to read: +4 min

Andrew Caballero-Reynolds | AFP | Getty ImagesIt's never been a better time to get rid of your student debt. Paul Morigi | Getty ImagesThe Biden administration has tried to reverse the trend of borrowers being excluded from the relief on technicalities. Some 790,000 public servants have gotten their debt erased as a result, amounting to more than $56 billion in relief. Total and Permanent Disability DischargeThe Biden administration has also forgiven the student debt of more than 510,000 disabled borrowers. Borrower defenseAnother 1.3 million borrowers have walked away from their debt over the past few years thanks to the Borrower Defense Loan Discharge.

Persons: Joe Biden, Andrew Caballero, Reynolds, Joe Biden's, James Clyburn, he's, George W, Bush, Paul Morigi, Biden, Kantrowitz Organizations: Air Force, Joint Base Andrews, AFP, Getty, Supreme, CNBC, U.S . Department of Education, Public, Consumer Financial, Studentaid.gov, of Education, Social Security Administration, Department of Veterans Affairs, Education Department Locations: Maryland

☆ 74,000 student-loan borrowers are getting $5 billion debt wiped out in Biden's latest batch of repayment reforms
▼ + stars: | 2024-01-19 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

The relief is going to public servants and those on income-driven repayment who made their qualifying payments. AdvertisementMore student-loan borrowers are on track to get debt relief following President Joe Biden's repayment reforms. On Friday, Biden announced that his administration approved another 74,000 borrowers for $5 billion in debt relief. In December, for example, the department approved another $5 billion in relief for 80,000 borrowers on PSLF and income-driven repayment plans. Advertisement"This level of debt relief is unparalleled, and we have no intention of slowing down," Education Secretary Miguel Cardona said in a December statement.

Persons: —, Joe Biden's, Biden, servicers, Biden's, Miguel Cardona Organizations: Service, Public, Department, Education Department Locations: forbearance

☆ How a boomer just got $50,000 in student debt wiped out after making payments for 25 years
▼ + stars: | 2023-11-18 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

It's a result of an account adjustment for borrowers who made the required 20 or 25 years of payments. AdvertisementGeorge Tucker thought he would be resuming student-loan payments alongside millions of other borrowers this fall. Tucker, 63, owed just under $50,000 on his student loans when the more than three-year pause on federal payments ended in October, per documents reviewed by Insider. Although PSLF was intended to forgive student debt after ten years of qualifying payments, Tucker said paperwork challenges with the program threw him off track, and he was not anticipating debt relief. George Tucker got $50,000 in student debt wiped out.

Persons: George Tucker, It's, Tucker, —, Little, he's, PSLF, MOHELA, Harris, Joe Biden's, isn't, Miguel Cardona, servicers, Jason Harmon, Harmon couldn't Organizations: Service, Public, Harris Administration, Biden, Joe Biden's Education Department, Department, Education, Education Department, MOHELA

☆ Biden administration has forgiven $127 billion in student debt. What to know about the relief options
▼ + stars: | 2023-10-29 | by ( Annie Nova | ) www.cnbc.com time to read: +4 min

President Joe Biden delivers remarks on new efforts to cancel student loan debt at the White House on Oct. 4, 2023. watch nowThe Biden administration has evaluated millions of borrowers' loan accounts to see if they should have had their debt cleared. Paul Morigi | Getty ImagesThe Biden administration has tried to reverse the trend of borrowers being excluded from the relief on technicalities. Total and Permanent Disability dischargeThe Biden administration has also forgiven the student debt of more than 500,000 disabled borrowers. The $11.7 billion in aid was delivered under the Total and Permanent Disability discharge.

Persons: Joe Biden, Kevin Dietsch, Mark Kantrowitz, Kantrowitz, Biden, George W, Bush, Paul Morigi Organizations: White, Getty, Public, Consumer Financial, Bureau, Studentaid.gov, U.S . Department of Education, Social Security Administration, The Department of Veterans Affairs

☆ Student loan forgiveness: How Biden continues to cancel debt after Supreme Court ruling
▼ + stars: | 2023-10-22 | by ( Katie Lobosco | ) edition.cnn.com time to read: +9 min

Washington CNN —Although the Supreme Court struck down President Joe Biden’s signature student loan forgiveness program in late June, his administration has found ways to cancel more than $48 billion in debt since then. That’s more student loan forgiveness than was granted under any other administration – in part due to the Biden administration’s efforts to temporarily expand some debt relief programs and to correct past administrative errors made to borrowers’ student loan accounts. Expanding debt relief program for public-sector workersNearly $51 billion of student loan debt has been canceled for 715,000 borrowers through the Public Service Loan Forgiveness program since Biden took office. The PSLF program cancels outstanding federal student loan debt for public-sector workers who have made 120 qualifying monthly student loan payments, or about 10 years’ worth of payments. Nearly 513,000 borrowers with a total and permanent disability have received $11.7 billion in student loan forgiveness since 2021.

Persons: Joe Biden’s, Biden, Trump, they’d, –, “, Virginia Foxx, ”, Abby Shafroth, Shafroth, Betsy DeVos Organizations: Washington CNN, of Education, Office, Congress, ”, CNN, Department of Education, Republican, Education, White, New Civil Liberties Alliance, Cato Institute, Mackinac Center for Public Policy, National Consumer Law Center, Loan, Public, PSLF, University of Phoenix, Corinthian Colleges, Social Security Administration, Department of Veterans Affairs, Department, Social Security Locations: Michigan

Olivier Douliery | Afp | Getty ImagesAmberlee McGaughey, a librarian in Pennsylvania, was not worried about the restart of student loan payments. In August, she applied for the Public Service Loan Forgiveness program with her loan servicer, MOHELA, or the Missouri Higher Education Loan Authority. Around 7% of student loan borrowers are now more than $100,000 in debt. "The government has made all these announcements, and it's really confusing to people," said Scott Buchanan, executive director of the Student Loan Servicing Alliance, a trade group for federal student loan servicers. Her original student loan bill of $483, which was listed as due on Oct. 20, wasn't affordable for her.

Persons: Miguel Cardona, Kamala Harris, Olivier Douliery, she's, MOHELA, couldn't, Ella Azoulay, Carolina Rodriguez, Rodriguez, Scott Buchanan, Joe Biden, he'd, didn't, Biden, servicers, Braxton Brewington, Sarah Cluff, Sarah Cluff Still, servicer, Cluff, Sen, Elizabeth Warren, Nelnet, Joe Popevis, NelNet, Popevis, Servicers, Brewington, Amberlee, Jane Fox, Fox, Buchanan, Rocky, they'll Organizations: Washington , D.C, Afp, Getty, Public, Missouri Higher Education Loan Authority, CNBC, Finance, Biden, Student, Protection, Carolina, Education, Consumer, Student Loan, Alliance, U.S . Department of Education, Valuable Education, Education Department, MOHELA, SAVE, Legal, Association of Legal Locations: Washington ,, Pennsylvania, Missouri, U.S, New York, servicers

Our experts answer readers' student loan questions and write unbiased product reviews (here's how we assess student loans). AdvertisementAdvertisementAs of October 2023, student loans payments are back, but there are options if you can't afford them. As of October 2023, monthly payments are once again due on federal student loans after being paused since March 2020. Fortunately, there are solutions for people who can't afford student loan payments now. Borrowers who don't want to pay the payment on a standard 10-year repayment plan should look into income-driven repayment plans (including Biden's new SAVE repayment plan).

Persons: —, Jared Costigan, Costigan, Robert Farrington, Farrington, Danny Cieniewicz, you'll, Kantrowitz, Ben Markley Organizations: Service, White, The College Investor, Hyperion, Public, More College Financial

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