4O MILLION AMERICAN TO RESTART STUDENT LOAN PAYMENTS: DONATE PLASMA $20-$50
It's time to dust off those calculators and start budgeting again, folks! After a three-year vacation from student loan payments, it's time to face the music. But fear not, my fellow borrowers, for the Biden administration is here to shake things up. Here are three big changes we could see when payments restart.
1. Loan Forgiveness for All...Just Kidding!
Let's start with the most exciting change that could happen: loan forgiveness for all! Just kidding, that's not happening. But hey, we can dream, right? In all seriousness, there has been talk of targeted loan forgiveness for certain groups of borrowers, such as those who attended for-profit schools or those who were defrauded by their schools. So, if you fall into one of those categories, there's a glimmer of hope for you yet.
2. Income-Driven Repayment Plans
One change that's already in place is income-driven repayment plans. These plans allow borrowers to make payments based on their income, rather than a fixed amount. This can be a great option for those who are struggling to make ends meet, as it can lower your monthly payments and make it easier to stay on top of your loans. Plus, after a certain number of years of making payments, any remaining balance may be forgiven (yes, this time we're serious).
3. The Return of Interest Rates
The final change we could see is the return of interest rates. During the pandemic, interest rates on federal student loans were set to 0%, which was a huge relief for borrowers. However, that relief is coming to an end, and interest rates will likely start creeping back up again. This means that your loans will start accruing interest again, which can add up quickly if you're not careful.
So, there you have it, folks. Three big changes that could be coming our way when student loan payments restart. But don't worry too much - we're all in this together (whether we like it or not). And who knows? Maybe one day loan forgiveness for all will become a reality...just don't hold your breath.
student loan borrowers could see when payments restart https://www.cnbc.com/2023/06/06/3-big-changes-student-loan-borrowers-could-see-when-payments-restart.html
40m Americans will soon restart student loan payments | Fortune https://fortune.com/2023/06/07/40-million-americans-restart-student-loan-payments-experts-fear-levels-default-never-seen-before/