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To say that this year has been a confusing for student loan borrowers It's a euphemism. Two Student Loan Debt Relief Programs Still Left tied up in court and a new administration will take over soon, you may feel unsure about what the future holds for your loans or your debt relief program.
I have worked as a student loan expert for over 15 years and have witnessed my fair share of changes in student loan programs. However, I have never been through a more complicated and tumultuous period than the political tug-of-war we have seen in recent years.
So how should you Address your student loan repayment strategy With so many factors in the air?
You can't control the fate of debt relief programs or income-driven repayment plans, but you can do these six things to regain control of your student loans.
💻 1. Check your student loan balance
Do you know how much you owe in total on your student loans? You may have an idea (or think you do), but it's important to test it.
Many borrowers I have worked with are surprised to discover that they owe more than they initially borrowed when it comes time to start paying. This is because most loans, except subsidized ones, begin to accrue interest from the moment they are disbursed. Outstanding interest, which has not been capitalized or added to your loan, is listed separately from the principal balance. To fully understand your loan balance, it is important to carefully review your account statements.
If you know who your student loan servicer is, you can log into your online account to check your balance. If you're not sure, you can find out Sign in to your Federal Student Aid account and visiting the My Help page.
Read more: Five Ways to Pay Off Your Student Loans Even Faster
🗓️ 2. Plan to restart payments
If you are enrolled in the Saving on a Valuable Education Plan, your The loans have been in suspension of payments. since this summer due to legal challenges to the plan. You have been unable to make payments and your interest rate has been set at zero. This payment hold is temporary and I hope it ends soon.
If you haven't already, reevaluate your monthly budget to accommodate your student loan payments.
Read more: Stick with SAVE for student loan forgiveness, experts say, with 4 exceptions
💰3. Compare Income-Based Payment Plans
If you're worried about SAVE going away or want to adjust your budget to include your monthly loan payments, it's a good idea to explore all available payment plans. You can use the US Department of Education Loan Simulator to estimate your payments and verify eligibility for specific plans. This tool will allow you to explore available payment options, such as the income-based repayment plan.
Since last July, the Pay as You Earn scheme has been closed to new applicants. Additionally, the income-contingent repayment plan is now only available to borrowers who consolidated a Parent Plus loan into a direct consolidation loan.
The department is working to restore the two previously deleted IDR plansand I hope PAYE and ICR return in the coming weeks. If you are interested in exploring either, check the Federal Student Aid website for updates after December 16.
👩🏫 4. Research the PSLF buyback program
He Public Service Loan Forgiveness Program offers debt cancellation for teachers, nurses and other public service employees who work in qualified employment for 10 years and make 120 payments on their loans. If you are enrolled in SAVE and were close to reaching your 120 total payments, the recent payment pause may have delayed your forgiveness. In this case, you could benefit from the PSLF Buyback Program.
The PSLF buyback program allows you to “buy back” months in which your loans were on hold during a forbearance period, but only if doing so reaches a total of 120 payments.
For example, let's say you had already made 115 qualifying payments before your loan entered SAVE Plan forbearance. You can apply for the PSLF buyback program to buy back five of the months your loans were in default to meet the 120 payment requirement. You will apply for the program online and, once approved, you will have 90 days to pay what you owe for the number of months you repurchase. So, if your monthly payment was $100, you will need to pay $500 to receive forgiveness.
You'll also need to make sure you meet all other PSLF eligibility criteria, such as working for a qualified employer and having the right type of loan. If you think you are eligible and want to confirm your payment count, you can find the qualified payment amounts in your StudentAid.gov Account.
🎓 5. Pay interest while you're still in school
If you're still in college, chances are your student loans haven't come into repayment yet. While it is difficult to predict what payment options will be available in the future, there are proactive measures you can take now.
One recommendation is to pay off any interest that accrues while you are still in school. Even small contributions can help reduce the overall cost of your loans in the long run.
If your federal student loan has not yet gone into repayment, you will not yet be eligible to enroll in a repayment plan. Payment begins six months after graduation or if your enrollment falls below half-time, unless you enroll in another program, such as graduate school, before the grace period ends.
❌ 6. Don't count on forgiveness as a payment strategy
Many borrowers have turned to income-driven repayment plans to lower their monthly payments and potentially qualify for student loan forgiveness. However, forgiveness is not guaranteed, especially as legal challenges continue to threaten the Biden administration's proposed plans. Programs like PSLF and forgiveness under the Income-Based Repayment Plan carry fewer risks, as they would require Congressional action to be modified or eliminated.
That said, it's always wise to plan to pay off your student loans in full, regardless of current potential forgiveness opportunities.