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 · How to Prepare for the Resumption of Student Loan Payments · 3 Jul 2023 podcast

I'll set it aside. matched

And with inflation, with rising interest rates, all of these different things that were happening, they just saw it sort of disappear into their budgets. matched

So when I've spoken with financial advisors about this, they recommend you take a fine-tooth comb to your budget. matched

So look at where you can cut, where you can reevaluate your priorities, where you can reassess and see how you can reabsorb this payment into your usual cash flow. matched

So this is where Scott Buchanan recommends looking at your payment history. matched

So if you're looking now and you say, what was I paying in 2019? matched

Has anything with my financial life changed? matched

You can assume you're making that payment again. matched

If you are hoping to move to a different payment plan or your income situation has changed, you can use the simulator tool that's on studentaid.gov. matched

That allows you to sort of look at these other payment plans and see how they would affect your monthly payments. matched

So forbearance is still an option. matched

I spoke with Heather Jarvis. matched

She's a student loan expert, a lawyer who educates people on student loans. matched

And while she says that forbearance isn't her favorite option, it is an option. matched

And essentially, forbearance allows you to completely pause your student loan payments, a little like what we've experienced over the last three years. matched

But when you're in forbearance, interest is still accruing. matched

So if your interest is still accruing at that time and you're in forbearance, your credit score could take a hit. matched

A good rule of thumb with your credit score is that the best way to keep it stable or to elevate it or not to ding it is to make your debt obligations. matched

So, I mean, that's an interesting question because when I've spoken with servicers about this, this is something they're afraid of. matched

They've never done this before. matched

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