PEOPLE
PEOPLE WITH4@ COLLEGE LOANS ARE@ IN A BIT OF A CONUNDRUM SINCE MARCH OF LAST YEAR AND LASTING4@
THROUGH SEPTEMBER OF THIS YEAR
NO PAYMENTS ARE BEING
AUTOMATICALLY TAKEN AND NO
INTEREST IS ACRUING AND
DEMOCRATS CONTINUE TO FLOAT
VARIOUS STUDENT LOAN
FORGIVENESS PROPOSALS.
4@SO THE QUESTION IS SHOULD YOU
KEEP PAYING DOWN YOUR STUDENT
LOANS?
WELL, ON THAT THERE WERE
DIFFERING OPINIONS.
SOME FINANCIAL EXPERTS SAY
PAYING DOWN THAT DEBT NOW SAVES
YOU INTEREST IN THE LONG RUN IT
IMPROVES YOUR CREDIT ADDING4@
THAT EVEN IF PRESIDENT BIDEN
IMPLEMENTS STUDENT LOAN
FORGIVENESS4@, 4@IT'S UNCLEAR WT
4@TYPE OF STUDENT LOANS WILL
QUALIFY, WHAT TYPE OF BORROWERS
QUALIFY AND HOW MUCH LOAN
FORGIVENESS BORROWERS WILL
ACTUALLY GET.
SO THEY SAY IF YOU CAN HANDLE
IT, MAKE MANUELL PAYMENTS.
OTHERS THOUGH SUGGEST PUTTING
THAT MONEY ASIDE AND JUST SEE
WHERE THINGS4@ STAND IN SEPTEMBR
IF THERE IS NO LOAN
FORGIVENESS, CHECK TO SEE IF
YOU CAN APPLY THAT AMOUNT TO
YOUR PRINCIPAL BALANCE BEFORE
THE FOREBARENCE PERIOD EXPIRES
.
BEFORE YOU DO ANYTHING THOUGH,
FINANCIAL ADVISER SARA HALPIN
SAYS4@ YOU NEED TO KNOW EXACTLY
WHAT TYPE OF LOANS YOU HAVE.
4@I THINK THE MOST IMPORTANT4@
THING IS THAT YOU REALLY4@ DO
NEED TO TAKE ACTION AND YOU
NEED TO REACH OUT TO YOUR
STUDENT4@ PROVIDER FOR INFO ON
YOUR OPTIONS AND THE MOST
IMPORTANT THING IS TO KNOW IF
YOUR LOANS ARE FEDERAL
DEPARTMENT4@ OF EDUCATION LOANS
OR IF THEY'RE LOANS THAT ARE
FEDERAL4@ LOANS THAT ARE SERVIC@
BY A COMMERCIAL PROVIDER OR ARE@
PRIVATE LOANS.
SO IT REALLY COMES DOWN TO
ELIGIBILITY4@ FOR THESE FEDERAL
PROGRAMS AROUND IN PAYPALAND
AND THE ZERO PERCENT INTEREST.4@
EASY WAY TO FIND THAT OUT.
IS THERE DEFINITELY4@ GO TO
STUDENT AID DOT LOG IN AND4@ LOK
FOR A BREAKDOWN OF YOUR LOANS
AND YOUR LOANS4@ IF THEY DON'T
HAVE DEPT OF ED NEXT TO THEM4@
THEN THEY'RE NOT FEDERAL
DEPARTMENT OF EDUCATION LOANS4@
ACCORDING TO THE STUDENT
BORROWER PROTECTION CENTER ,
FEDERAL4@ STUDENT LOAN BALANCES
IN THE US OVER ONE POINT SEVEN
TRILLION.
4@SO HUGE AMOUNT OF MONEY AND
IT'S REALLY UNKNOWN AT THIS4@
POINT.
YOU KNOW WHAT POLICIES IS GOING@
TO EVENTUALLY GET IMPLEMENTED
AROUND FORGIVENESS.
YEAH.4@
SO DON'T DON'T BANK ON4@ IT.
DON'T HOLD YOUR BREATH IS WHAT
4@YOU'RE SAYING.
4@I WOULD SAY I WOULD4@ SAY DONT
DON'T BANK ON IT.
SO LET'S TALK WITH4@ HER.
IF YOU REFILE YOUR STUDE4@NT
LOANS THEY ARE NO LONGER
FEDERAL STUDENT LOANS YOU'RE
GOING TO BE GOING TO A PRIVATE
LENDER4@ TO LOWER THE INTEREST
RATE.
INTEREST RATES ARE SUPER LOW4@
RIGHT NOW BUT THEY DON'T HAVE
FEDERAL FUNDS THAT ARE LOANS
THAT ARE4@ ELIGIBLE FOR ALL KINS
OF FEDERAL PROGRAMS.
BUT THAT WOULD INCLUDE
FORGIVENESS RIGHT4@?
YEAH, IT'S IT'S IT'S IT'S
REALLY IMPORTANT4@ TO THINK
THROUGH ANY TYPE
OF CONSOLIDA4@TION OR4@ CHANGE M
FEDERAL TO PRIVATE LENDER.
REMEMBER PRIVATE LENDERS THAT
THEY'RE NOT4@ UNDER THIS LAW.
THEY DON'T HAVE TO PULL
PAYMENTS4@ FOR ANY AMOUNT OF TIE
AND THEY DON'T HAVE TO4@ TO STOP
LOANS ACRUING INTEREST IF A
PRIVATE LENDER DOES ALLOW THE
BORROWER TO GO INTO FOREBARENCE
FOR EXAMPLE, FOR EXAMPLE,
IMPOSE4@ LOANS, IT DOESN'T MEAN
THAT THE LOAN IS GOING TO STOP
ACCRUING INTEREST AND ALSO4@
YOU'RE GOING TO CONSOLIDATE YOU
REALLY HAVE TO MAKE SURE THAT
YOU YOU HAVE YOU HAVE SOME4@
INSIGHT INTO HOW THESE LOANS
ARE GOING TO BE IMPACTED WHEN
THE TEMPORARY 0% PERIOD4@ ENDS N
SEPTEMBER 30TH OF TWENTY TWENTY
ONE4@ YOU COULD BE MAKING A RASH
DECISION AGAIN THE WEBSITE TO
CHECK YOUR STUDENT LOANS
STUDENT