53 min
NEW STUDENT LOAN FORGIVENESS PLAN | SAVE PLAN | SHE BOSS TALK She Boss Talk
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- Entrepreneurship
The Biden administration announced a new student loan debt initiative following the Supreme Court’s decision blocking his more than $400 billion handout plan to wipe away $10,000 to $20,000 in debt for student loan borrowers.
📌New income-driven repayment plan, Saving on A Valuable Education (SAVE), will be the most affordable repayment plan in history. It will cut monthly payments to zero dollars for millions of low-income borrowers, save all other borrowers at least $1,000 per year, and stop runaway interest that leaves borrowers owing more than their initial loan.
📌Borrowers who originally had smaller balances – defined by the agency as $12,000 or less – will be eligible for forgiveness of their remaining balances after 120 payments, or the equivalent of 10 years in repayment. An additional 12 payments will be added to that figure for each additional $1,000 borrowed above that level up to a maximum of 20 years for undergraduate loans and 25 years for graduate loans.
📌New 12-month on-ramp transition period that will help ensure borrowers smoothly and successfully return to repayment without falling into delinquency or default. Borrowers who can make payments should do so as payments will resume and interest will accrue, but the on-ramp to repayment will help borrowers avoid the harshest consequences of missed, partial, or late payments like negative credit reports and having loans referred to collection agencies.
To learn more about these programs and to apply, visit https://studentaid.gov/announcements-events/save-plan
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Send in a voice message: https://podcasters.spotify.com/pod/show/shebosstalk/message
The Biden administration announced a new student loan debt initiative following the Supreme Court’s decision blocking his more than $400 billion handout plan to wipe away $10,000 to $20,000 in debt for student loan borrowers.
📌New income-driven repayment plan, Saving on A Valuable Education (SAVE), will be the most affordable repayment plan in history. It will cut monthly payments to zero dollars for millions of low-income borrowers, save all other borrowers at least $1,000 per year, and stop runaway interest that leaves borrowers owing more than their initial loan.
📌Borrowers who originally had smaller balances – defined by the agency as $12,000 or less – will be eligible for forgiveness of their remaining balances after 120 payments, or the equivalent of 10 years in repayment. An additional 12 payments will be added to that figure for each additional $1,000 borrowed above that level up to a maximum of 20 years for undergraduate loans and 25 years for graduate loans.
📌New 12-month on-ramp transition period that will help ensure borrowers smoothly and successfully return to repayment without falling into delinquency or default. Borrowers who can make payments should do so as payments will resume and interest will accrue, but the on-ramp to repayment will help borrowers avoid the harshest consequences of missed, partial, or late payments like negative credit reports and having loans referred to collection agencies.
To learn more about these programs and to apply, visit https://studentaid.gov/announcements-events/save-plan
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Send in a voice message: https://podcasters.spotify.com/pod/show/shebosstalk/message
53 min