Nearly 44 million Americans hold student loans and the debt balance in the U.S. has increased by 66% over the past decade to more than $1.77 trillion, according to the Federal Reserve.

President Joe Biden's plan to cancel up to $10,000 in federal student loan debt was struck down by the Supreme Court earlier this summer, meaning loan payments will soon be coming due for the first time since 2020.

In Indiana, 57% of college graduates had student loan debt in 2019-2020, with an average of $28,521, according to the Institute for College Access and Success.

Here's what to know about when payments are due, new repayment plans and more in Indiana.

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Is student loan debt forgiveness still possible?

If you have been making payments for 20 years or more, you may be eligible for the remainder of your debt to be canceled.

The U.S. Education Department said in July it was adjusting student loan payment calculations in a move to correct past errors and more than 800,000 people would have the balance of their loans erased.

The move survived several lawsuit challenges and is currently underway. You can read more about the details here, but remember that anytime a loan amount is forgiven it can potentially be considered taxable income in the year it occurs, depending on your repayment plan and loan program, according to TurboTax.

When are student loan payments due in Indiana?

Starting Sept. 1, interest began accruing again on loan balances, and the first payment will be due in October. You should check with your loan provider on the exact due date.

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Is there any way to reduce my student loan debt?

If you’re employed by a government or not-for-profit organization, you might be eligible for the Public Service Loan Forgiveness Program. This program forgives the remainder of your loan, but has a host of requirements including having made a total of 120 qualifying monthly payments.

You can learn more about qualifying and applying for this forgiveness here.

Teachers may also be eligible for forgiveness if they have taught for at least five years in a low-income school, and met several other criteria.

If you are permanently disabled, or your school closed or misled you then you may also be eligible for loan forgiveness. You can find the full list of forgiveness programs here.

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Is my student loan balance negotiable?

While some may be hoping to negotiate with their loan providers to reduce their balance, for example in exchange for a full cash payment of the remainder, they aren't likely to budge.

If you default on your loans, your provider may be willing to negotiate a settlement that reduces the amount owed, but this will come with a cost to your credit and tax bill.

However, you can start taking action right now that could save you money. If you enroll in the optional autopay feature before the end of August you’ll likely save 0.25% on your interest rate. This amount varies slightly by lender, and if you were enrolled in autopay before the pause, you should still check with your provider because you will likely need to enroll again.

You can also look into a new repayment plan called SAVE, which "provides the lowest monthly payments of any IDR (income-driven repayment) plan available to nearly all student borrowers," according to the federal student loan site.

What if I can't make student loan payments right away?

For borrowers who can't make their payments, the U.S. Department of Education is creating a temporary “on-ramp” period over the next year that will help borrowers avoid the harshest consequences of missed, partial, or late payments, according to studentaid.gov.

During that time, missed, partial, or late payments will not lead to negative credit reporting, default, or loans being sent to collection agencies, the student aid site says. Borrowers who can make payments should, as payments will be due and interest will accrue during this on-ramp period. Additionally, missed payments will not count toward loan forgiveness under any of the income-driven repayment plans or Public Service Loan Forgiveness.

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Purdue, Indiana University and state of Indiana student loan information

Indiana University's student loan page has financial strategies, explanations of the various loan types and suggested amounts to borrow if you are still currently a student.

If you or a family member is wondering about the cost of attending Purdue, they have an online tuition calculator that can provide estimates.

For more questions or resources, you can find a list of contacts for the Indiana State Department of Education, the State Higher Education Agency and more here.

This article originally appeared on Indianapolis Star: Federal student loan payments resume soon. What to know in Indiana