Get a sneak peek into what lies ahead in the world of student loans in 2024 as I discuss upcoming changes, potential scenarios and strategies you need to know. You'll learn about administrative forbearance, income-driven recertification, the influence of the 2024 presidential election, and policy changes that could significantly impact you as a student loan borrower. There are many ways to save money right now on payments. So, if you want to stay ahead of the game, buckle up and get ready for an episode packed with valuable student loan insights.
In today's episode, you'll find out:
About the widespread impact of the current administrative forbearance on over 3.5 million people
How the administrative forbearance is causing a political stir between Democrats and Republicans
The challenges arising from policies announced through press releases instead of legislation
How the 2024 presidential election might reshape student loan policies
Whether the administrative forbearance is likely to conclude in early 2024
The implications of income-driven recertification before March 2024
How to get a refund for payments made during the forbearance period
Strategies for lowering payments by self-certifying income until October 2024
What the expiration of the IDR waiver means for borrowers
How the new SAVE plan will alter payment plan rules
The ripple effect of these changes on employers and personal finance strategies
The potential for new cancellation rules and their impact on borrowers
Consequences for borrowers with loans from 2007 to 2014 due to phased-out payment plans
Proactive strategies for saving money as a student loan borrower
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