There are broadly speaking three categories of plans. There are fixed repayment plans and income-driven repayment plans. And then there's the worst-case scenario last resort, which is requesting deferment or forbearance. Now that student loans are starting back up again, you're going to have to do this. But you don't have to do it right away.
#444: The student loan pause is coming to an end.
A moratorium on student loan repayments has been in place since the start of the pandemic, but starting Sept. 1st, millions of borrowers will be required to start making payments on their loans again.
What does this mean for borrowers? In this episode, we'll discuss what borrowers can do to prepare, including an in-depth look at the variety of repayment plan options.
We’ll also talk (in general terms) about how to handle ANY surprise new monthly bill – whether it’s a medical bill, a family member who needs ongoing financial help, or a student loan repayment that’s about to restart.
For a list of Sources and Resources mentioned in the show, go to https://affordanything.com/episode444
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