ANSWERS TO YOUR QUESTIONS ON STUDENT LOANS
Kiplinger's Personal Finance|July 2024
If you have federal student loans, you may benefit from new government policies. Here's what you need to know.
SARAH BRADY
ANSWERS TO YOUR QUESTIONS ON STUDENT LOANS

BORROWERS of federal student loans have had a lot to keep up with since 2020, when the COVID-19 pandemic triggered a three-year freeze on loan payments and interest. In 2022, President Biden announced a plan to deliver on campaign promises and relieve up to $400 billion in student debt for tens of millions of borrowers. Last summer, the Supreme Court blocked that plan. Since then, the Biden administration has unveiled a series of new debt relief programs; if all of them are implemented, they would provide relief to more than 30 million borrowers and forgive $153 billion in loan debt. But some of those plans face legal challenges, too.

If you're managing student loan debt-and especially if you're struggling to keep up with payments you may have questions about recent proposals and what they mean for you. Here, we highlight the key points.

The pandemic-era suspension of federal loan payments and interest concluded last fall. Is there anything I should know now that payments have resumed? As borrowers transition out of the payment pause, the U.S. Department of Education is extending them an "on ramp" period. During this period, which stretches from October 1, 2023, to September 30, 2024, the agency will not report missed loan payments to the creditreporting companies (Equifax, Experian and TransUnion) and will not place overdue loans in default or collections.

Now that interest is accruing on loans once again, it's worth noting that you may be able to deduct up to $2,500 a year on your federal tax return for interest paid on student loans. You can also get a discount of 0.25 percentage point on your interest rate if you set up automatic payments on your loan servicer's website.

هذه القصة مأخوذة من طبعة July 2024 من Kiplinger's Personal Finance.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

هذه القصة مأخوذة من طبعة July 2024 من Kiplinger's Personal Finance.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

المزيد من القصص من KIPLINGER'S PERSONAL FINANCE مشاهدة الكل
HOW INFLATION ADJUSTMENTS WILL AFFECT YOUR TAXES
Kiplinger's Personal Finance

HOW INFLATION ADJUSTMENTS WILL AFFECT YOUR TAXES

We looked at IRS rules for 2025 on everything from tax brackets to how much you can save in retirement accounts.

time-read
3 mins  |
January 2025
GUARD AGAINST IDENTITY THEFT IN THE NEW YEAR
Kiplinger's Personal Finance

GUARD AGAINST IDENTITY THEFT IN THE NEW YEAR

Scammers are getting better at impersonating legitimate businesses.

time-read
3 mins  |
January 2025
SHOULD YOU BUY PET HEALTH INSURANCE?
Kiplinger's Personal Finance

SHOULD YOU BUY PET HEALTH INSURANCE?

You can fend off big veterinary bills with a policy that covers your furry companion.

time-read
2 mins  |
January 2025
THE LOWDOWN ON BUYING A VACATION HOME
Kiplinger's Personal Finance

THE LOWDOWN ON BUYING A VACATION HOME

If you return to a beloved destination again and again, purchasing a home there may be a smart move-but don't overlook the costs and effort that go into it.

time-read
8 mins  |
January 2025
HOW COUPLES CAN MANAGE DIFFERING RETIREMENT TIME LINES
Kiplinger's Personal Finance

HOW COUPLES CAN MANAGE DIFFERING RETIREMENT TIME LINES

Staggered retirement is increasingly common, but it can create financial and emotional challenges.

time-read
7 mins  |
January 2025
AVOID THESE CREDIT MISSTEPS
Kiplinger's Personal Finance

AVOID THESE CREDIT MISSTEPS

KIPLINGER ADVISOR COLLECTIVE

time-read
2 mins  |
January 2025
WHAT YOU NEED TO KNOW ABOUT WORKING FOR YOURSELF
Kiplinger's Personal Finance

WHAT YOU NEED TO KNOW ABOUT WORKING FOR YOURSELF

Whether you're looking for a side gig or planning to start your own business, it has never been easier to strike out on your own.

time-read
10+ mins  |
January 2025
My Top 10 Stock Picks for 2025
Kiplinger's Personal Finance

My Top 10 Stock Picks for 2025

SINCE 1993, I have offered an annual list of 10 stocks with the potential to beat the market in the 12 months ahead. My 2024 selections notched the highest return ever: an average of 48.9%. I beat the S&P 500 index by 10.8 percentage points, and every one of my stocks was up-six by more than 30%.

time-read
4 mins  |
January 2025
WHAT MAKES AN ETF SUCCESSFUL?
Kiplinger's Personal Finance

WHAT MAKES AN ETF SUCCESSFUL?

EXCHANGE-traded funds have exploded in popularity, with the industry now reaching the milestone of $10 trillion in assets.

time-read
2 mins  |
January 2025
TIPS FROM INSIDERS
Kiplinger's Personal Finance

TIPS FROM INSIDERS

When corporate insiders buy or sell, it can offer clues on whether you should do the same.

time-read
4 mins  |
January 2025