Student Loans
Over 43 million Americans have student loan debt. This debt can affect everything in your life: your credit score, your ability to buy a house, your daily spending and budgeting, etc. Other loans people often have are for their car, house, or personal loans. Use the resources below to get a better understanding of loans and how to tackle them.
Student Loan Repayments Are Resuming
After a three-year pause on payments and interest, millions of student loan borrowers need to take action. Loans start accruing interest again on September 1st and payments will resume October 2023.
Saving on a Valuable Education (SAVE) Plan
The Saving on a Valuable Education (SAVE) plan, which will replace the previous Revised Pay as You Earn (REPAYE) plan, is designed to lower borrowers’ monthly payments and significantly speed up the repayment process.
Student Loan Debt Relief Plan
The Supreme Court blocked this Student Debt Relief Plan but President Joe Biden is formulating an alternate plan for debt relief.
Here are a few places you can learn more about the possible new relief plan and other loan forgiveness options:
Student Loans: 5 Steps College Graduates Should Take
Read this article to learn how to choose the best student loan repayment strategy for you.
Student Loan Forgiveness: How to Take Advantage of Revised Federal Programs
Check out this article to learn more about the federal student loan forgiveness programs, if you qualify, and how to take advantage of them.
The Balance's Guide to Loans
The Balance has articles and tools related to taking out and paying down student loans, car loans, and personal loans.