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Student Loan Forgiveness Rejected, Here’s What To Do [LISTEN]

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It’s Money Matters Monday on the Rickey Smiley Morning Show! With the recent news of the Supreme Court’s rejection of Biden’s student loan forgiveness plan, our money expert Jini Thornton joins the show to give insight on what this means for borrowers.

See: Student Loan Debt Relief Rejected By SCOTUS, Twitter Says “It’s Above Us Now”

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Though loans won’t be forgiven, there have been some changes that may be helpful. Here are a few options to consider and prepare for:

  1. The ‘Save Plan’ is a new repayment plan. It’s an income based repayment plan that will cut monthly payments by considering only 5 percent of disposable income (opposed to the prior 10 percent).
  2. The Department of Education has announced that they will not report missed payments to credit reporting agencies for 12 months, giving borrows a slight break.
  3. Student loan payments will officially begin in October. Jini suggests starting to save and prepare budgets this month (July), as interest will begin to accrue in September.

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Parents, keep in mind that Parent Plus Loans are ineligible for modified repayment plans. Be sure to plan in advance and avoid student loan scams!

Visit StudentAid.gov for more details!

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Watch the full video for more tips!

Related:

Jini Thornton: Ways to Save on a College Education [LISTEN]

Jini Thornton: Graduating Your Young Adult Children off the “Parent Payroll” [LISTEN]

Jini Thornton Breaks Down Student Loans Forgiveness, Social Security Checks, & Income Tax Returns [WATCH]

Student Loan Forgiveness Rejected, Here’s What To Do [LISTEN]  was originally published on rickeysmileymorningshow.com