Student Loan Repayment: What To Do Now That Forgiveness Has Been Struck Down
With the recent Supreme Court decision, it seems that Student loan forgiveness won't be coming to us in 2023. Since student loan payments are scheduled to resume at the in October, I spent several years working in student loan repayment, and folks with more education tend to be less religious, I think that a quick discussion about student loans and how to handle them will probably be helpful for a decent percentage of this readership. Before we dive in, please note that this only applies to people who got their loans from the federal government. If you got your loans from a private bank, unfortunately there's nothing that I can do for you. To start, I want to take a moment to provide a "glossary" so that we're all on the same page. Loan Programs: Direct loans: Direct loans are loans made by the U.S. Dept of Education. FFEL loans: FFEL loans are loans that were made by private banks, but were backed by the Dept of Ed, which allowed the Dept of Ed to regulate some o...