Even more student loan changes are coming in 2024. Here's what to look out for.

The SAVE plan will slash payments for millions, but missed payments will now have consequences

Graduation cap made out of dollar bills
2024 brings the release of the redesigned FAFSA and Biden's announcement that he is canceling more student loan debt
(Image credit: alexsl / Getty Images)

The start of 2024 ushered in a lot of changes (and chaos) for student loan borrowers, with both the release of the redesigned FAFSA and President Biden's announcement that he is canceling even more student loan debt. But hold onto your hats, borrowers, because that's not the only student loan-related change slated for this year. 

Some of the changes will be positive, like millions of borrowers seeing slashed monthly payments under the new SAVE plan and the introduction of new employer retirement benefits for borrowers. Other changes will likely be less favorable, like the expiration of the payment on-ramp that had offered some buffer against the consequences of missed payments. 

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Becca Stanek, The Week US

Becca Stanek has worked as an editor and writer in the personal finance space since 2017. She previously served as a deputy editor and later a managing editor overseeing investing and savings content at LendingTree and as an editor at the financial startup SmartAsset, where she focused on retirement- and financial-adviser-related content. Before that, Becca was a staff writer at The Week, primarily contributing to Speed Reads.