It is time to say goodbye to student loans.

In February the U.S. Department of Education plans to restart payment for millions of Americans who have education debt. Due to the coronavirus pandemic, they were allowed to suspend their payments for nearly two years.

However, the borrower may only be seeing one change in the future: the resumption or the continuation of their bills.

Experts say these are just a few of the major developments that could be on the horizon.

Despite the fact that Democrats haven’t included student loan forgivenessIn Congress’ massive spending bill, the chance exists that relief might come through separate legislation or executive action from President Joe Biden.

Biden stated that he supports cancelling $10,000 of the loans for allBut there are some Democrats continue to pressure him This amount can be increased to $50,000

Find out more from personal finance:
How to get a jump-start on the upcoming tax season
More than 1 in 3 U.S. adults carry medical debt, survey finds
Avoid these 3 holiday scams on Black Friday and Cyber Monday

According to a higher education expert, if all federal student loan borrowers received $10,000 forgiveness, then the amount of outstanding debt would drop to $1.3 trillion from $1.7 trillion. Mark Kantrowitz. The federal student loan borrowers would also see 33%, which is 14.4 Million people, their balances reset at zero.

On the other side, cancelling $50,000 would reduce the outstanding student loan balance of the nation to $700 billion from $1.7 trillion by cancelling the loans for all borrowers. The $50,000 plan, which would be forgiven all federal student loan debts for 80%, would cover 36 million people.

The borrowers might soon receive an answer after years of speculation surrounding loan forgiveness.

Kantrowitz stated that “if broad student loan forgiveness is to occur, it should happen quickly, because Democrats will want it implemented prior to the mid-term election.”

Three companies that serviced federal student loans — Navient, the Pennsylvania Higher Education Assistance AgencyFedLoan (also called FedLoan) Granite State — all recently announced that they’d be ending their relationship with the government.

According to Kantrowitz, this means that around 16 million borrowers are likely to have another company by the time payment resumes or shortly thereafter.

Experts advise double-checking your contact information with your servicer to ensure you get all notices concerning the changes.

Multiple notices are required for borrowers who have been impacted by default. Scott BuchananExecutive director of Student Loan Servicing Alliance. This trade group represents federal student loan servicing companies. If you make a mistake in sending a payment to an old servicer by February 1, he will advise that the money be forwarded to the new one.

The negative impact on borrowers coronavirus pandemicWhen bills start to come back, you may wish to sign up for one of the income-driven payment plans offered by the government.

The plan limits a person’s income so that their monthly payment may not exceed 0.

Borrowers are required to show documentation that proves their income and household size. However, the Education Department may allow them to self-certify temporarily.

Recently, advocates have warnedBorrowers with bad credit ratings may lose the child tax credit. The tax refund can pay at least a portion of the debt.

This would protect these borrowers from the risk of default.