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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WSJ Your Money Briefing · Your Student Loans Are Due Next Month. Are You Ready? · 6 Sep 2023 podcast

One is know what is due and when. matched

So look at your payment history, what you were paying prior to the pandemic, see if your income has changed since then or your financial situation has otherwise changed, but when you are making payments and how much. matched

So that way you can prepare your budget to reabsorb those payments. matched

And then if you have questions about your payments, you know, okay, is this plan that I'm in going to change this? matched

Or, matched

My circumstances changing would affect this. matched

What was my interest rate again? matched

That's when you should contact your servicer and you should do so as soon as possible before people are going to clog up the phone lines with a ton of other questions. matched

And then it goes back to that sort of first piece I was talking about, preparing yourself mentally. matched

You have to look at your budget and also remember that this is something that three years we haven't had to do this. matched

Now we're going to have to do it again. matched

Prepare yourself mentally to again have this bill. matched

So the first thing people should do is call their servicer and talk to their servicer. matched

Understand if there are other options that they are eligible for, other plans that their income qualifies them for. matched

The Department of Education also has a loan simulator tool on studentaid.gov that allows you to input things like your income, your family size, these other criteria that would change what plan you qualify for and why. matched

You can actually see in that tool that it tells you what your payment would be and how you would qualify it. matched

So it's called the SAVE plan. matched

That's the Saving on a Valuable Education plan. matched

And the thing that's really great about this plan for borrowers who are making significantly less is that their payments could be as low as $0 a month. matched

So if you're an individual borrower making $32,800 or less a year, and that comes out to like $15 an hour or less, or a family of four making $67,500 a year or less, then your payments could be as low as $0 on this plan. matched

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