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

If you make that $0 payment, it still counts toward eventual forgiveness. matched

you have to actually make the payment. matched

So it's interesting. matched

It qualifies as you not missing the payment. matched

So it means that if your payment is $0 a month, matched

It counts still as a payment toward your loan, and it's been calibrated as such because of your income. matched

But the difference with this plan is that they have calibrated based on the poverty line. matched

So originally, the income exemption was 150% of the poverty line. matched

Now it's 225% of the poverty line. matched

So a lot of people could qualify for this plan and see their monthly payments decrease and their process for repayment sped up. matched

Yes, so those people making $32,800 a year will see their payments as low as $0, but that doesn't mean that people making more than that won't benefit from this plan. matched

Their payments will be calibrated according to their income and their family size, so they'll be more than $0, but they could be significantly less than what they were paying previously. matched

So you have to apply for the SAFE plan. matched

You can apply on studentaid.gov. matched

And then once you find out whether or not you qualify, the SAFE plan will tell you how it has calibrated your payments based on your income and your family size. matched

So we're still in limbo right now. matched

We're on hold waiting to see what's going to happen with this plan. matched

Previously, the Biden administration was trying to do that legally, which is why we saw those legal challenges and then the eventual Supreme Court decision. matched

Now they say they're trying to do it structurally by working with the Higher Education Act. matched

So we don't know yet what the plan will be, but the White House says they're working on it and we'll have updates for readers when we know more. matched

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