Cheryl Winokur-Munk

speaker
1,406 appearances 26 recordings 2 series first heard Apr 2019 last heard Jun 2025

Cheryl Winokur-Munk’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Student-Loan Payments Are Set to Resume. How Should You Prepare? · 18 Jun 2021 podcast
For private loans, you're going to have to go to your servicer, your private lender or servicer for that. voice-verified
But for federal loans, you're going to go to studentaid.gov and you'll use the same login credentials that you used when you filled out your FAFSA, which is the free application for federal student aid. voice-verified
And you'll be able to see all your data and who your federal servicer is. voice-verified
Many recent grads will start having to make regular payments in November or December. voice-verified
So they really want to know how much they've borrowed so they can budget appropriately. voice-verified
And the reason to do it now is so that they're not all of a sudden they get to November or December when the payment is due. voice-verified
And all of a sudden they're like, oh, my goodness, I just I didn't even know I owed this. voice-verified
And how am I going to handle this? voice-verified
Just to get ahead on this is a really important budgeting tool. voice-verified
Federal loan borrowers can use the federal government's loan simulator tool. voice-verified
And that's also available at studentaid.gov. voice-verified
And that will help them estimate what their payments will be under different plans, different repayment options. voice-verified
So it may be that the repayment option they were on before isn't as applicable now. voice-verified
For example, if their income went way down or if they lost their job, the income-driven repayment program may be right for them. voice-verified
So if you're just starting out, you know you're going to have to start making payments because you're a recent grad, or if you're thinking about changing your plan, you really have to think about what your strategy is. voice-verified
Do you want to lower your payments as much as possible, or do you want to pay as little as possible overall? voice-verified
And that's going to impact which plan you choose. voice-verified
Most do not. voice-verified
However, I've come across at least one, the Rhode Island Student Loan Authority that does offer income-driven repayment, but most private lenders do not offer income-driven repayment. voice-verified
There are options you may have. voice-verified
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