3 Ways to Save on Student Loans
Student loan girlies put your hands up!!! I know it doesn't feel so glamorous, but you're not alone. In fact, recent data shows that total student loan debt for 2023 has reached $1.78 trillion. And while the feds paused student loan payments during the pandemic, they just became re-instated on October 1st.
So, if you're one of the debt-payers in this trillion dollar mix, where do you go from here? Here are the 3 relief programs that can make a HUGE difference in your repayment game:
Duh, save, right? Well, yes. But I'm referring to The Saving on a Valuable Education Plan (SAVE). This payment plan is based on income vs. debt, and these payments are based on 5% of a borrower's income vs the 10% that's been in the past.
If you're an educator, healthcare worker, or nonprofit employee, this one's for you! If you work in public service and make 10 years' worth of student loan payments, you should get the remaining debt canceled. So keep sticking it out if you're close!
AFT student debt clinics provide resources and staff to help you figure out what payoff plan is best for you as well as educate you on every program that could help you lead to debt payoff or cancellation.
I know it can be overwhelming, but you got this!! And if you need some extra MDJ help, use my debt payoff planner to create the best timeline for you when it comes to student loan payoff.