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 · Overlooked Student-Loan Repayment and Forgiveness Programs · 4 Mar 2021 podcast
Well, right now, President Biden has talked about $10,000 in student loan forgiveness. voice-verified
There are Senate Democrats who are really pushing for $50,000 in student loan forgiveness, potentially through executive order. voice-verified
But President Biden has not favored that approach. voice-verified
Obviously, it remains to be seen what happens, but he seems comfortable with $10,000. voice-verified
So when you sign up for a repayment plan, when borrowers sign up for repayment plans with the federal government for their federal student loans, we're not talking about private loans, we're talking about federal student loans here. voice-verified
When they sign up for a repayment plan, the standard plan is repayment in 10 years. voice-verified
And there are a couple other options, but one of the options that people can take is payment based on their income. voice-verified
And that's called an income-driven repayment plan. voice-verified
And that's going to set a monthly student loan payment at the amount that you can afford based on your income and your family size. voice-verified
You don't actually have to make very little money to be on that. voice-verified
There are reasons even someone who makes more money voice-verified
might consider being on an income-driven repayment plan, but you would want to look at all the numbers to figure out which way you're paying more and how your payments look each month. voice-verified
There are a whole bunch of factors to consider. voice-verified
Most federal student loan borrowers are eligible for at least one of the four plans that are offered by the federal government, the four income-driven repayment plans, that is. voice-verified
Unlike some other forgiveness programs, you don't have to be in a certain profession. voice-verified
So it's not public service loan forgiveness. voice-verified
even though when you're trying to qualify for public service loan forgiveness, you are on an income-driven plan. voice-verified
But here we're really talking about income-driven repayment forgiveness, which is after 20 or 25 years, depending on the plan. voice-verified
People can get confused because public service loan forgiveness, you have to be on an income-driven repayment plan, but it's a different program. voice-verified
So one of the biggest cons to trying to seek this type of forgiveness is that the remaining balance after the 20 or 25 years is considered taxable income. voice-verified
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