The student loan pause is coming to an end. It's been more than three years since borrowers had to make payments, but the debt ceiling bill included a provision that President Biden couldn't extend the pause past August. I'll discuss the politics behind this decision and how it may affect voters in key states. Additionally, I'll explore the potential benefits of the upcoming Income-Driven Repayment (IDR) plan and provide insight into navigating student loan repayment and evaluating refinancing options once interest resumes.
In today's episode, you'll find out:
- When the student loan pause is ending
- The provision in the debt ceiling bill that prevents President Biden from extending the student loan pause past August
- When the Department of Education will instruct student loan servicers to resume repayments
- The importance of the activist group on student loan debt within the Democratic Party
- Why Biden needs young progressive voters to turn out in the next election
- What Biden got in exchange for giving up the end of the pause on student loan payments that Republicans missed out on
- What borrowers can do to prepare for the end of the student loan pause
- Whether or not you should refinance your loans when the interest resumes
- Details about the new Income-Driven Repayment (IDR) plan, including low payments and 20-year forgiveness for borrowers with modest balances
- When to expect the release of final regulations for the new repayment plan
Like the show? There are several ways you can help!
Feeling helpless when it comes to your student loans?
Do you have a question about student loans? Leave us a voicemail here or email us at help@studentloanplanner.com and we might feature it in an upcoming show!
