Student LIFE - The Edvisors Blog

Many student loan borrowers are wondering about their potential for student loan forgiveness. As two initiatives are currently in the courts, we wait to hear from President Biden about any potential forgiveness opportunities.

As college costs continue to rise at an alarming rate, planning and saving early has never been more crucial.  This trend highlights the importance of proactive financial planning, as starting to save early can help ease the financial burden when it comes time to pay for tuition, fees, and other associated expenses.

The student loan on-ramp period has ended. The on-ramp period was a 12-month buffer to help ease borrowers back into federal student loan payments.

As Biden's second attempt at broad student loan forgiveness was making its way through the regulatory process, a legal challenge was brought against the plan. Last week there was hope that the plan would continue, however within 24-hours the plan was halted by a federal judge. The plan is now blocked until a decision is made regarding the case.

This year, the 2025-2026 release will be delayed for most students. While some students may access the 2025-2026 FAFSA earlier, a full release is expected by December 2024.

Federal student loan forgiveness and in the U.S. is currently uncertain due to legal challenges.. The SAVE Plan is paused by a federal appeals court, and "Plan B" faces delays due to legal questions about the Department of Education's authority to enforce debt cancellation.

The Fed cutting interest rates can impact various types of debt, but federal student loans are not affected for the current award year. It's important to understand how this rate cut will affect your student loan borrowing.