Education Department Signals Big Changes To Student Loan 2022-2024

Education Department Signals Big Changes To Student Loan: What You Should Know

Thanks to The Education Department for announcing the Student Loan Forgiveness Program (SLFP). Dec 29, 2024 — The U.S. Education Department will not renew the federal direct loan program in 2019.   The following is a timeline of important events in the US Education Department's SLFP.   1-6-2018: Dept. of Education announces Student Loan Forgiveness Program (SLFP) 5-23-10: Student Loan Forgiveness Program (SLFP) announces the “Eligible Students” will be eligible for the Direct Loan Program.  All the Forgiveness Information will be provided by the Department via the Direct Loan Application Website.   4-27-11: Education Dept. announces the “Eligible Students” will be the total number of borrowers with Direct Loans enrolled in the Direct Loan Program, with the number of eligible loans as noted in the Direct Loan Service Guide. The Education Dept. will not issue regulations on this matter, but will continue to post and link the Direct Loan Service Guide and the Direct Loan Application website. June 10-25, 2019: Dept. of Education issues Notice of Proposed Rule making with respect to the “Direct Loan Program.”  June 11-25, 2019: The Direct Loan Service Guide will be revised. 8-30-18: Dept. of Education publishes final rule (in draft form) on Public Service Loan Forgiveness.  It provides more complete information about how the SLFP works with existing Direct Loans.  8-30-18: Dept. of Education posts final rule on Public Service Loan Forgiveness.  This final rule changes what qualifies for the most generous Student Loan Forgiveness benefits for qualifying borrowers, how forgiveness is granted, how students may apply, where the forgiveness program can be accessed, and how much forgiveness is based on borrowers' income at their final discharge.   The following link provides additional information, including a PDF outlining the Public Service Loan Forgiveness Program and the amount of forgiven loans. Mar 7-15, 2018: The U.S. Education Dept. Issues a Letter to Borrowers announcing and clarifying The Program has Ended for students who graduated after September 26th.

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