The new Income-Driven Repayment (IDR) guidelines are complex and controversial. Essentially it's a Pandora's Box of regulations implemented by President Biden. Listen in as I break down the key facts and implications of these regulations, including plan blocking, revisions to existing plans, limitations on plan switching, encouragement to file taxes separately, and increased freedom for schools. In addition, I provide useful insights to help you navigate these regulations and practical advice to help you repay your student loans.
In today's episode, you'll find out:
- How to navigate the new IDR regulations for student loan repayment
- Why I think we'll see tuition increases before and after elections
- The fine print, loopholes and limitations of the new IDR regulations
- My tips for borrowers on how to choose the right repayment plan
- Why it's crucial for PSLF borrowers and those with outdated payment certifications to reassess their repayment plans
- The potential consequences of switching to a new plan, including higher monthly payments
- What Parent Plus borrowers should know about how the new regulations may impact loan repayment
- How to build your roadmap to financial relief by analyzing the impact of the new IDR regulations
- The temporary relief provided by the IDR waiver and its expiration date at the end of December
- How to assess the cost and benefits of the new IDR regulations for your situation
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