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

They've never had so many payments go on pause and then so many come back on. matched

They're expecting clogged phone lines. matched

They're expecting technical issues. matched

So if you have any questions about your student loan, it's best to try and get in touch with your servicer now rather than wait for the day ahead when everyone's going to be trying to get in touch. matched

The process of getting in touch with your lender is going to mean a long wait time likely. matched

But the best thing to do is to try and get them on the phone. matched

When I've spoken with servicers about this, they have said trying to send an email or trying to just, you know, wait and see what's going to happen is going to be trickier. matched

They are still waiting on guidance from the Department of Education. matched

So your servicer isn't going to be able to answer all of your questions right now. matched

They're waiting for guidance just like everybody else. matched

I know late fees are something a lot of people probably haven't thought about for the last three years during this pause on interest and payments. matched

But this is another time when it would be, again, good to get in touch with your servicer. matched

Talk to them about when late fees will accrue, when you'll be penalized. matched

Right now, a lot of places are saying you can start making payments now, you can start resuming payments in September, but it won't happen until October that you'll be dinged for missing a payment. matched

Absolutely. matched

I think talking to your lender, also, again, relying on that simulator tool that's on studentaid.gov, these are two paths for someone to sort of assess, am I in the best payment plan for me? matched

Is this behooving me to stay in my existing payment plan or will I benefit from moving to a new one? matched

Now, a lot of these other payment plans have certain criteria, certain qualifications that if you don't meet them, you won't be able to take advantage of them. matched

That's where talking to your servicer and reviewing these materials is going to help you decide what's best for you. matched

And there are payment plans that provide paths to forgiveness. matched

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