Proposed 2024 Student Loan Forgiveness Updates: What To Know.

By Sasha Bulatskaya | Published on October 21, 2025

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If you’re one of millions of Americans struggling with student loan debt, you’ve likely been keeping a close eye on the latest student loan forgiveness updates from the Biden administration. As of April 16, 2024, the federal government approved student loan cancellation for almost 4.3 trillion borrowers, totaling over $153 billion in debt forgiveness.

This year, there have been many student loan forgiveness updates, but not all of them are set in stone. As the political landscape evolves, the rules and regulations around student loan forgiveness could change, especially considering the potential impact of the upcoming 2024 presidential election.

In this blog post, we’ll track the latest student loan forgiveness updates in 2024 and find out what they could mean for you.

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Student Loan Forgiveness Updates 2024

It’s become easier for federal student borrowers to access different forgiveness programs. While broad student loan forgiveness was struck down by the Supreme Court, a series of smaller actions by the current administration have made it easier to find student debt relief.

The SAVE Plan–an income-driven repayment plan–has shortened the forgiveness timeline for many low-income borrowers. At the same time, new policies made it easier for public service workers to get their loans forgiven through the PSLF (public service loan forgiveness).

April 2024

On April 12, 2024, the Biden administration announced a new round of student debt cancellation plans. 277,000 borrowers would get $7.4 billion worth of debt canceled.

Are these plans final?
No. At this stage, these are proposals that need to be finalized. The process could take months (or longer) if there are legal challenges. After the announcement, the proposals will go through a public comment period, after which the government will share the final rule. Usually, if the final rule is published by November 1 and all negotiations passed, it can take effect on July 1, 2025.

Does it cover everyone with student loans?
These plans apply to the following borrowers:

• Those whose loan balances have become bigger than they originally borrowed because of interest
• Those who qualify for student loan forgiveness under existing programs but haven’t applied
• Those who entered repayment at least 20 years ago
• Those who enrolled in “low financial value” programs, which left students in debt but without good job prospects
• Those experiencing financial hardship

If you’re not in these categories and you’re wondering how to get student debt relief, there are other options on the table, such as income-driven repayment plans for federal student loans and refinancing for private student loans.

Relief Outside Of Forgiveness

Income-driven repayment (IDR) plans can be a lifeline for borrowers struggling to pay for their student loans. These plans adjust your monthly payment based on your income and family size, making your bill more manageable. Here are a few IDR plans to consider:

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(Saving on a Valuable Education) SAVE Plan: The SAVE plan has a few advantages over the other IDRs. It’s expected to be the best option for most borrowers with low incomes. Some borrowers pay as little as $0 under the SAVE Plan, and after 20-25 years, the loans are forgiven.

Income-Based Repayment (IBR): To be eligible for the IBR plan, your monthly payment must be less than what you would pay under the Standard Repayment Plan. The loans will be forgiven once you’ve made 20-25 years of payments (depending on which type of IBR plan you choose).

Pay As You Earn (PAYE): To take advantage of this plan, you must be a new borrower. This means you can’t have a Direct Loan or a FFEL Program Loan on or after October 1, 2007.

Income Contingent Repayment (ICR): This plan has a repayment length of 25 years. It is an option for parents with Parent PLUS loans, while the other three plans focus on students. Keep in mind that parents could also take advantage of the SAVE Plan if they consolidate their Parent PLUS loans.

If you’re unsure which plan is right for you, Earnest* has a free Student Loan Manager ¹ tool. You can enter your loan details, and find your servicer. From there, we’ll show you what your payment could look like under different IDR plans and you can sign up for a plan of your choosing through the app.

What to Do If You Have Private Student Loans

For private student loans, you could refinance² for a lower interest rate, allowing you to pay off your debt faster³. At Earnest, many of our clients get a lower interest rate and a lower payment when they refinance, but it’s not the case for every client.

You can refinance federal and private loans, but remember to think carefully before doing so. Once you refinance your federal student debt, it will become private, and you won’t be eligible for any forgiveness programs or federal benefits.

Stay Informed!

Get notified when student loan refinance rates drop.

There are many moving parts to student loan forgiveness in 2024. As they develop, we’ll do our best to help you understand the new plans and how they might impact your financial future. As with any federal program, we always recommend visiting studentaid.gov to get more information.

About the Author

Sasha Bulatskaya

Sasha is the Senior Manager of Brand and Content at Earnest. She has been writing for ten years and has been focused on educational finance and financial aid for over three. Her passion for mission-driven companies brought her to Earnest in 2020, and she's been helping make student finance more accessible ever since. She strives to demystify personal finance and student loans to help borrowers make the best decisions for their financial situation.

Disclaimer

This blog post provides personal finance educational information, and it is not intended to provide legal, financial, or tax advice.