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The 8th U.S. Circuit Court of Appeals extended an order blocking the Department of Education (ED) from further implementing the Saving on a Valuable Education (SAVE) repayment plan as it faces multiple legal challenges.

This AskRegs Knowledgebase Q&A was updated on August 12, 2024 to remove reference to Schedule 2, since the excess advance premium tax credit repayment amount is no longer subtracted in the calculation of taxes paid. Only 1040 Line 24 is used for taxes paid.  Many people will only need to file IRS Form 1040, 1040-SR (senior), or 1040-NR (nonresident alien) without any of the numbered schedules or forms. However, if the tax return is more complicated (e.g., the tax filer has business income, claimed certain deductions or credits, has a Foreign Earned Income Exclusion, etc.), the tax filer will need to complete one or more of the numbered schedules/forms. View the full answer to this scenario to learn more. 

NASFAA's Rapid Response Network (RRN) provides timely feedback on student aid issues to NASFAA staff, which is then used in NASFAA's policy and advocacy work with Congress and the Department of Education. Communication is done through a listserv, and RRN members are asked to provide feedback relevant to their own institution or experiences. If interested, please apply to volunteer no later than 5:00 p.m. ET on Thursday, August 15, 2024. This volunteer opportunity is only open to individuals who are employed at NASFAA member institutions.

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