Education Department Expands Aid and Debt Relief to Help Students Struggling With High Costs
• Education Department will update inflation tables for 2024-25 FAFSA to account for high inflation, making $1.8 billion more aid available • Timeline for fixes unclear, throwing aid award notifications and packaging into question • More student loan forgiveness announced, with $5 billion to be erased for public service workers and others • Changes will help community college students and those who borrowed smaller amounts, making 85% debt-free in 10 years • If struggling with private student loans, consider refinancing to lower interest rate and monthly payments