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

That's another thing you can ask your lender about. matched

Yes. matched

There are two plans I'm thinking of particularly, the revised pay-as-you-earn plan and the public service loan forgiveness program. matched

So the Biden administration announced this plan earlier this year. matched

It's still on the table. matched

It has not yet been enacted. matched

It's still going through the approval process. matched

But the reason so many borrowers are excited about this plan is it provides a path to forgiveness. matched

So the revised pay-as-you-earn plan is a revamped income-driven repayment plan, and it allows borrowers to pay as little as 5% of their discretionary income toward their undergraduate loans. matched

Now, where forgiveness comes in is that the plan promises to eliminate remaining debt after 10 years of payments, and that's for borrowers with balances less than $12,000. matched

This is a preexisting program that speeds up the forgiveness process for people in public service jobs in industries like health care, teaching, public interest law. matched

And previously, the program has required people to make 120 on-time payments in order to qualify. matched

And they qualify if they have a specific type of federal loan called a direct loan. matched

The new changes that President Biden is proposing to this plan will allow partial or late payments to count. matched

And it will allow people with consolidated loans as well as direct loans to qualify for the program. matched

WSJ Your Money Briefing · Student-Loan Repayment Freeze Is Ending. Are Your Finances Ready? · 5 Jun 2023 podcast

Look at your budget now.

Look at what your monthly payment would need to be for your student loan.

And ahead of August 30th, start making some of those hard decisions.

You know, where can I make sacrifices?

Where can I cut back?

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