by Kristen Euretig, CFP® Founder & Chief Planner
| Anyone else been following the student loans saga like it’s a binge worthy Netflix show featuring 2 friends with a will they or won’t they palpable tension? Just me? Ok, so to catch you up: we thought they would but they didn’t and unlike a Netflix show that is over and you just have to figure out what to watch next, you have to find a way to a) start repaying student loans you haven’t had to think about for 3 years and b) deal with the fact that there is no loan forgiveness on the horizon. Ouch. Yeah, I feel it. And I know a lot of folx out there are hurting too so let’s talk it through and clients check out the event alert below to register for our town hall later this month. There is a new repayment option called SAVE which will replace REPAYE (Revised Pay as You Earn), so you’ll have an opportunity to lower the monthly payment from what you were paying before provided your income qualifies. Borrowers in the REPAYE plan will automatically be rolled into the SAVE plan. You can check whether you’re on the REPAYE plan by logging in to StudentAid.gov and clicking on the “My Aid” link under the “My Info” sidebar so that you’ll automatically be enrolled in this new lower income driven repayment plan if you’d like to. I’m really concerned about people making room in their budgets for the student loan payments after years of not paying on these loans, so top priority is to figure out your new payment amount with the available plan options and carve it out ASAP. There’s still some hope for loan forgiveness as Biden explores other avenues, but for now, it’s time to move on and face the music since repayment starts in October. And let’s raise a glass to those glorious 3 years where no one was particularly worried about student loans. It was fun, wasn’t it? How We Can Help With Your Student Loans Game Plan clients can ask their planner for an updated student loan deliverable and attend our clients only webinar this month for all the details you need to know Graduate Plan clients can engage their planner on an hourly basis for a student loan deliverable and attend our clients only webinar this month Not a client? Apply for a free consultation today. |