Navigating Student Loan Debt: Strategies, Relief, and Political Controversies

As student loan payments are set to resume soon, borrowers have several options to minimize the impact on their budgets. The Supreme Court struck down President Biden's student debt forgiveness plan, but the Department of Education has finalized the "most affordable repayment plan ever created," called the Saving on a Valuable Education (SAVE) plan. This income-driven repayment plan reduces monthly payments to 5% of discretionary income for undergraduate loans and forgives loan balances after 10 years of payments. Other tips include saving money in a separate account, checking employee benefits, cutting expenses, considering refinancing, exploring loan forgiveness programs, seeking advice from advisers, paying down loans before repayment starts, enrolling in autopay, contributing to retirement accounts, and researching state-based forgiveness programs. It is advised to avoid using credit cards for payment and to be cautious of scammers offering help with federal student aid.