Life Kit Braving Your Student Loan Payments
Aug 20, 2020
Elizabeth Emmons, a Columbia Law School professor and author of "Life Admin," dives into the confusing world of student loan payments. She shares practical tips on navigating repayment options and highlights the importance of income-driven plans. Listeners will learn to avoid pitfalls associated with loan consolidation and refinancing, and she emphasizes the value of proactive communication with loan servicers. Emmons also showcases strategies for managing loans effectively, encouraging borrowers to leverage free resources to achieve financial peace.
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Know Your Loans
- Determine if you have private or federal student loans, or both.
- Find the best repayment plan for your situation.
Choose Repayment Plan
- Use the National Student Loan Data System to view all your federal loans in one place.
- Choose a repayment plan (standard, extended, graduated, or income-driven).
Avoid Forbearance
- Avoid forbearance if possible, as it can worsen your debt.
- Opt for an income-driven repayment (IDR) plan instead, which offers more flexibility.