Around 8 million borrowers were able to qualify for the plan before it was put on hold.
While some big questions are still unanswered, heres an overview of the state of federalstudent loan repaymentright now.
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You may not know where you stand with student loans right now.
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But they havent made a move on the program yet.
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What changes might actually come for student loans is unclear at this point.
ED, in fact, doesnt operate like a bank, as the order suggests.
Student loans are managed by servicers dedicated to that purpose that coordinate with the department.
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The announcement of these layoffs was quickly met with a lawsuit against McMahon, which awaits a court date.
For context, several other actions by this administration are being challenged in court.
Dozens have been blocked by federal courts, including some of those involving mass firings at government agencies.
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That on-ramp period ended on September 30 of last year, so servicers started tallying missed payments as usual.
After 90 days, loans are considered delinquent, and servicers can report that to credit bureaus.
That 90-day period would have hit at the end of January.
In the meantime, keep an eye on the monthly payments you owe.
Contact your servicer if you have any questions about your repayment plan or status.
For the latest updates on SAVE actions, check studentaid.gov/saveaction.
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Dana Miranda is a Certified Educator in Personal Finance and author of YOU DONT NEED A BUDGET.
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