Julia Carpenter
speaker
3,850 appearances
71 recordings
1 series
first heard Oct 2019
last heard Sep 2024
Julia Carpenter’s voice in public audio — every appearance, attributed to the second.
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Appearances
This is how you identify the loans as Parent PLUS loans and not as other federal student loans.
But it's a fairly arduous process.
It involves consolidating two or three separate times with two or three separate borrowers.
And we already know that the Education Department is aware of this loophole, and they say that they are going to close it by July 2025.
The other option that parents have, which is much less arduous and potentially less risky, they have more time to do it, is that they can be able to take advantage of the PSLF program or the Public Service Loan Forgiveness program.
But that's only available for certain kinds of borrowers and for certain rates.
exactly what happens if a federal student loan borrower defaults on a loan.
But the difference is parent plus loan borrowers are potentially in a more risky state.
I talked to one parent plus loan borrower who said that after not paying his loan for a handful of months through a mix-up that wasn't really his fault, he received a letter that said his social security would be garnished.
And luckily, he was able to call his servicer and solve the problem, but definitely a huge risk for parent plus loan borrowers.
We unfortunately don't have many updates on that.
They've promised that they're going to try and work through a structural solution to this now that the legal path has failed.
But right now, the Department of Education is encouraging the majority of student loan borrowers to investigate their options like SAVE and hope for that as a path to eventual forgiveness in lieu of a widespread student loan forgiveness program.
So someone who feels that their payments are too burdensome, that they could benefit from a lower payment, or they've seen their income or their family size change since they last were making payments three years ago, could benefit from SAVE.
SAVE is a new income-driven repayment program.
It stands for the Saving on a Valuable Education Plan, and it could potentially benefit borrowers by lowering their monthly payments and speeding up the path to forgiveness.
So someone who feels that their payments are too burdensome, that they could benefit from a lower payment, or they've seen their income or their family size change since they last were making payments three years ago, could benefit from SAVE.
And they can enroll by going to studentaid.gov or contacting their servicer and talking to them directly.
So there's actually no income limit on SAVE.
So they calculate your monthly payment by your family size and your income.
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