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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Appearances
a very firm understanding of your cash flow.
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?
Where am I saving money?
Where am I spending too much money?
Where can you make room so that your budget can reabsorb that payment?
A lot of people have probably seen that in January, the Biden administration announced changes to income driven repayment plans.
These changes are designed to lower monthly payments for borrowers and also speed up your repayment process.
So income driven repayment plans are plans that allow you to pay different monthly payments based on your income and your family size.
So this new plan, the revised pay as you earn plan, allows borrowers to pay 5% of their discretionary income toward undergraduate loans.
And after 10 years of payments, it wipes out remaining debt for borrowers with balances less than $12,000.
So if you apply for this plan, if you are interested in this plan,
you should contact your servicer and make sure that you qualify.
There's also a loan simulator tool on the Education Department website, hugely helpful for people to input their existing information, you know, your income, your family size, your existing debt, and then that calculates what plan is right for you, what your potential monthly loan payments would be under there.
So from there, people can see what their repayment options are, what their other plan options are, and determine whether or not IDR is right for them.
Showing 1221–1240 of 3,850 · page 62 of 193
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