Student Loan Debt Advice From A Financial Expert
The federal government recently announced its plan to forgive student loan debt for qualified federal student loan borrowers. And the application for forgiveness has officially been released. The government also announced the resumption of federal student loan payments starting in the beginning of 2023.
This extension was put in place to allow borrowers to budget before resuming their loan payments. This is especially helpful since inflation is so rampant lately. The extension will help borrowers plan ahead for their payments and help avoid late payments or unnecessary defaults. The extension will also help better prepare borrowers by giving them time to consider their repayment options in the midst of rising interest rates.
Brian Walsh is a Student Loan Expert and Manager of Financial Planning at SoFi personal finance company. I got to chat with Brian to discuss the upcoming loan forgiveness. We discussed the financial jargon that might confuse some of us. And the decision-making responsibilities we all need to consider before the repayments begin.
Some tips that Brian shared with me included how to find the best financial plan for your income. We also discussed how a borrower can prepare now for the repayments that will start in 2023. Brian mentioned how exploring other federal programs and consolidation options is a good idea. Brian also warned against consolidating too early. Student loan refinancing options was also discussed.
If you have a federal student loan, listen to this interview before those repayments begin. Brian gives vital tips to help with the process. In fact, did you know you can qualify for $20K forgiveness if you had a Pell Grant any time during your borrowing period? Brian fills us in on that and much more.
And don’t forget to fill out your application. It’s out now!
Original Air Date: October 6, 2022.
–Wendy Rush, 96.3KKLZ Las Vegas
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