The Impending Student Loan Cliff #707

If you’ve got a weird colored mole on your shoulder that’s getting bigger- you should probably visit a dermatologist ASAP! Most health issues are best addressed sooner rather than later and you’re not doing yourself any favors by prolonging the inevitable. In fact, because you’ve kicked the can down the road so many times you might actually be worse off! And the same is true when it comes to student loans. The repayment pause was extended so many times that a third of borrowers spent the money that was previously going towards their student loans because they didn’t believe payments would resume. Well payments are resuming, but not without some relief from the new SAVE repayment plan. Today we cover what types of loans are impacted, how you can enroll, and calculating the maximum amount that you’ll pay. We’ll also cover smart ways that you can shop around for a degree, whether the “first year’s salary” rule of thumb still applies, and how your employer is eligible to pay off $5,250 annually of your student loans.   Want more How To Money in your life? Here are some additional ways to get ahead with your personal finances: Knowing your ‘money gear’ is a crucial part of your personal finance journey. Start here.  Sign up for the weekly HTM newsletter. It’s fun, free, & practical. Join a thriving community of fellow money in the HTM Facebook group. Find the best credit card for you with our new credit card tool! Massively reduce your cell phone bill each month by switching to a discount provider like Mint Mobile.   During this episode we enjoyed an IPA by Wakuwaku Tezukuri Farm Kawakita- thanks for sending this one our way Julia! And please help us to spread the word by letting friends and family know about How to Money! Hit the share button, subscribe if you’re not already a regular listener, and give us a quick review in Apple Podcasts or wherever you get your podcasts. Help us to change the conversation around personal finance and get more people doing smart things with their money!   Best friends out!See omnystudio.com/listener for privacy information.