Federal budget plans could impact student aid and loan servicing
(WTAJ)– Student loan borrowers could see their payments increase under federal budget plans currently being discussed by House Republicans.
While no changes have been set in stone yet, the student loan forgiveness that the Biden administration seems to be firmly a thing of the past. The director of student financial planning at Juniata College, Tracie Patrick, said that some students have expressed concerns about their financial aid packages as well, but that it's still too early to tell.
'The change that's been coming is changing by the day,' Patrick said. 'I wouldn't get too excited just yet.'
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One program that is seen as a likely cut is the Biden-era SAVE plans for student loan repayment, which dropped some borrowers' payments down to as low as zero dollars a month. That was blocked by a court of appeals in February.
Also in question is if there will be any changes to direct student aid, which could impact students already in college.
'I think a lot of students are worried about where the current administration and our current congress is going with student federal aid,' Patrick said. 'They're wondering if they are not going to have the opportunities that several students have had in the past with grants and the federal direct student loans.'
Patrick said that it is important to stay in contact with your student loan servicer so that you are aware of any changes that could be coming to your payment plan.
The Department of Education took down the online application portal for Income Driven Repayment Plans earlier this year. IDR plans allow borrowers to make payments based on a formula that is applied to their income. They also removed the application for federal direct consolidation loans.
No official ruling or announcement has been made yet, making it difficult for anyone to understand, especially for families with high school students trying to determine how to finance their higher education.
'They're not sure what their bottom-line price is going to be until they get that financial aid package from the college, which I don't know when that's going to be this year,' Counseling Coordinator for State College High School Beth Burnham said. 'I know a lot of them said they were going to try to get them out by March. I'm hoping by April because May 1 is the deadline to tell the college if you are coming or not.'
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