Julia Carpenter

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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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WSJ Your Money Briefing · Your Student Loan Payments Could Be Cut in Half Under New Program · 28 Sep 2023 podcast

You do have to be processed.

So we've heard from a couple of people who've already applied that their applications are still pending.

And the Department of Education says you should hear back within four weeks or so.

So if you've applied to save and you're in that period of time where you're waiting to see if you've been accepted into the program or you're waiting to see what your final monthly payment would be, your loans will be placed into forbearance.

So that means during that period of time, you won't have to make payments while you're waiting to see if you'll be accepted, but interest will continue to accrue on your loan.

So it's calculated based on your income and your family size.

And the thing that's different with save is that they are setting aside a certain amount of money as discretionary income.

And that's money that you have for taxes, for necessities.

They're setting that aside and they are not counting that toward what you have to pay.

So there's not one amount that people who enroll in this program will be charged.

It's instead calculated based on this formula.

So one of the huge benefits to save is that it's going to speed up this path to forgiveness for borrowers.

So if you have a loan balance of $12,000 or less, as long as you continue making regular payments on time, after 10 years, that remaining debt balance, so whatever is left, will then be wiped out.

So that's a benefit that's not going to go into effect until July 2024, but it is a huge benefit to this program.

So graduate loans and undergraduate loans are different in this program.

And this is, again, something that's going to start taking effect in July 2024.

As of July 2024, save borrowers will have to pay undergraduate loans at 5% of their discretionary income and graduate loans at 10% of their discretionary income.

There is no deadline to apply for SAVE, but we know that in the next few days, student loan payments will be resuming.

So a lot of people are trying to figure out how to look at these plans, how to assess what will benefit them.

And now is the time to do that before payments pick up.

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