WHAT YOU NEED TO KNOW IF YOU HAVE STUDENT LOANS. PEOPLE PAYING BACK STUDENT LOANS HAVE HAD A BREAK FOR ABOUT THREE YEARS BECAUSE OF THE PANDEMIC, BUT THAT ALL ENDS ON OCTOBER 1ST. AMERICANS ARE GETTING READY TO MAKE FEDERAL STUDENT LOAN PAYMENTS ONCE AGAIN. IT’S TOUGH. I DON’T KNOW. I DON’T KNOW HOW I’M GOING TO PAY STUDENT LOANS. I’VE GOT OTHER STUFF I HAVE TO PAY. SO I HAVE TO PROBABLY DO DEFERRAL, NOT PAY. FIGURE OUT INCOME BASED REPAYMENT PLAN, THINGS LIKE THAT. BEN FORD IS ONE OF THE TENS OF MILLIONS OF PEOPLE WHO ARE READJUSTING THEIR LIVES TO MAKE THE PAYMENTS, HE SAYS. PAYING FOR HIGHER EDUCATION IS HARD ON HIS FINANCES. YOU KNOW THOSE PRIVATE LOANS YOU’RE STUCK PAYING THE WHOLE TIME NO MATTER WHAT. SO IT’D BE NICE TO SEE, LIKE, ALL OF THAT GO AWAY, LIKE. BUT, YOU KNOW, I KNOW THAT THE FEDERAL LOANS ARE A LITTLE BIT EASIER, BUT IT SEEMS LIKE LOW HANGING FRUIT. BOBBY STANDISH IS A SENIOR FINANCIAL PLANNER FOR WEALTH ENHANCEMENT GROUP. HE SAYS GETTING A CREDIT REPORT CAN HELP YOU MAP OUT YOUR PLAN OF ATTACK TO PAY DOWN THE DEBT. PLUS, HE SAYS, YOU MIGHT HAVE TO CHANGE YOUR LIFESTYLE SINCE IT’S BEEN A FEW YEARS WITHOUT THAT STUDENT LOAN BILL. INTEGRATING IT BACK INTO YOUR INTO YOUR HOUSEHOLD BUDGET. I KNOW IT’S BEEN THREE YEARS REVIEWING MONTHLY BUDGETS AND DETERMINING HOW IT WILL FIT, IF IT CAN FIT WITHIN THE CONFINES OF OF YOUR MONTHLY BUDGET. ALSO CHECK IN WITH THE DEPARTMENT OF EDUCATION. STANDISH SAYS A NEW PROGRAM THROUGH THE BIDEN ADMINISTRATION CALLED SAVE. ALLOWS BORROWERS TO GET REVIEW FLUCTUATED TO DETERMINE YOUR MONTHLY PAYMENT. AND HE SAYS ANY INTEREST THAT MIGHT BE IN EXCESS TO THAT NEW PAYMENT IS FORGIVEN. IT’S AN INCOME DRIVEN OR IDR PLAN, AND IT IS DESIGNED TO FURTHER REDUCE THE PAYMENTS. SO AN INDIVIDUAL EARNING LESS THAN $32,000 A YEAR COULD IN FACT HAVE A ZERO STUDENT LOAN PAYMENT. NOW, IF THE GOVERNMENT HAS A SHUTDOWN, THAT COULD AFFECT STUDENT LOAN PAYMENTS, JUST A
Federal student loan repayments resume in October
Americans are getting ready to make federal student loan payments, once again, when they resume Oct. 1.Ben Ford, who is a student, said, “It’s tough. I don’t know how I’m going to pay student loans. I’ve got other stuff to pay. I’ll probably have to do deferral and income-based repayment plan things like that.”Ford is one of the tens of millions who are readjusting their lives to make the payments. He said paying for higher education is hard on his finances.He said, “If you have those private loans, you’re stuck paying the whole time no matter what, so it would be nice to see all of that go away. I know the federal loans are a little easier, but it seems like low-hanging fruit.”Bobby Standish is a senior financial planner for Wealth Enhancement Group. He said getting a credit report can help you map out your plan of attack to pay down the debt. He said you might have to change your lifestyle since it’s been a few years without that student loan bill.Standish said, “Just integrating it back into your household budget. It’s been three years. Reviewing monthly budgets and determining how it will fit, if it can fit within the confines of your monthly budget.”Also, check in with the Department of Education. Standish said a new program through the Biden administration called SAVE allows borrowers to get re-evaluated to determine their monthly payment. And he said any interest that might be in excess of that new payment is forgiven.He said, “It’s an income-driven or IDR plan, and it is designed to further reduce the payments.”Standish said, “An individual earning less than $32,000 a year could have a zero student loan payment.”If the government has a prolonged shutdown, it could affect the student loan program just as payments are resuming.
Americans are getting ready to make federal student loan payments, once again, when they resume Oct. 1.
Ben Ford, who is a student, said, “It’s tough. I don’t know how I’m going to pay student loans. I’ve got other stuff to pay. I’ll probably have to do deferral and income-based repayment plan things like that.”
Ford is one of the tens of millions who are readjusting their lives to make the payments. He said paying for higher education is hard on his finances.
He said, “If you have those private loans, you’re stuck paying the whole time no matter what, so it would be nice to see all of that go away. I know the federal loans are a little easier, but it seems like low-hanging fruit.”
Bobby Standish is a senior financial planner for Wealth Enhancement Group. He said getting a credit report can help you map out your plan of attack to pay down the debt. He said you might have to change your lifestyle since it’s been a few years without that student loan bill.
Standish said, “Just integrating it back into your household budget. It’s been three years. Reviewing monthly budgets and determining how it will fit, if it can fit within the confines of your monthly budget.”
Also, check in with the Department of Education. Standish said a new program through the Biden administration called SAVE allows borrowers to get re-evaluated to determine their monthly payment. And he said any interest that might be in excess of that new payment is forgiven.
He said, “It’s an income-driven or IDR plan, and it is designed to further reduce the payments.”
Standish said, “An individual earning less than $32,000 a year could have a zero student loan payment.”
If the government has a prolonged shutdown, it could affect the student loan program just as payments are resuming.
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