Pamela Kapalid
speaker
89 appearances
1 recordings
1 series
first heard Jun 2024
last heard Jun 2024
Pamela Kapalid’s voice in public audio — every appearance, attributed to the second.
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Appearances
If you are working and you can't make your loan payments, no matter how low the income driven payment program is, then you can put a pause on your payments.
And that's called forbearance.
The biggest downsides with forbearance is one, they don't usually count towards payments you're making towards any forgiveness programs.
And two, you only have three years of lifetime forbearance.
So you can only forbear your student loan payments for up to three years for your entire life of the loan.
The thing with forbearance is because you're not paying down your student loan debt, the interest could continue to rack up.
And it will pause any payments that you're making towards loan forgiveness.
So it could take you longer to pay off the loan as well.
I have never found these formulas to work for my clients.
I am based in Brooklyn, New York, and I have seen the numbers.
I have seen real budgets.
I have seen literally hundreds of budgets.
And the 50-30-20 formula does not work in New York City because for so many of us, our rent is more than half of our paycheck.
we're not in school anymore, right?
There are no grades.
I think that thinking of your money as a tool for how to live the life you want to live is the most important thing.
And if a formula works for you because it fits and it makes your life feel more simple, awesome.
But if it doesn't work for you, it's not that you're bad at money.
It's that the formula is not for you.
There's a moment when a client is able to auto pay all of their bills.
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