One-time student debt relief plan.
1. February. The U.S. Supreme Court is scheduled to hear arguments related to the Biden-Harris Administration’s one-time student debt relief plan. Federal student loan payments will resume 60 days after the U.S. Department of Education (ED) is permitted to implement the debt relief plan or the litigation is resolved.
2. June. A final court decision is slated to be issued by June 2023.
3. June 30. Currently, if the plan hasn’t been implemented and the litigation remains unresolved, federal student loan payments may be scheduled to resume in 60 days on Aug. 30.
ED's new regulations update key student loan relief programs.
4. July 1. Updates are set to go into effect no later than July 1, 2023 and include:
- Public Service Loan Forgiveness expanded definitions of qualifying payment and employment to broaden eligibility.
- Total and Permanent Disability discharge program reforms to make it easier for disabled borrowers to get their federal student loans forgiven.
- Borrower Defense to Repayment and Closed-School Discharge updates to make it easier for borrowers defrauded by their schools to request and receive relief.
IDR program account adjustment.
There are several key dates associated with the income-drive repayment (IDR) plan reforms that include an IDR Account Adjustment and a new IDR plan that’s expected to be more affordable than the existing ones.
5. May 1. There are several key dates associated with the income-drive repayment (IDR) plan reforms that include an IDR Account Adjustment and a new IDR plan that’s expected to be more affordable than the existing ones.
6. July. Borrowers with loans in default can benefit by getting out of default—including through the Fresh Start initiative — before July 2023.
