Ep #194 - Everything You Need to Know About Biden's SAVE Student Loan Repayment Program

Grow Money Business with Grant Bledsoe

We dedicated this week’s episode to the ongoing news about the student loan system in the US. According to the US Department of Education, the president announced new actions to provide debt relief and support for student loan borrowers. Join us as we dive into the current situation regarding student loans, what the changes to the federal student loan system are going to be, income-driven payment plans, Federal Pell Grants, public service loan forgiveness, and more.

[06.40] Income-driven payment plans – Starting the conversation, Grant explains income-driven payment plans and how it works.

[11.42] Repayment plans - Income contingent repayment, Income-based repayment, pay as you earn, and revised pay as you earn are the four repayment plans for student loans.

[12.37] Federal Pell Grants – We discuss what happened to Pell Grants, which were awarded only to undergraduate students who displayed exceptional financial need.

[18.57] SAVE repayment plan – Grant explains how the SAVE repayment plan works and how it can be a tremendous help to people.

[23.00] Public service loan forgiveness – We dive into how the public service loan forgiveness option works, which is based on employment in a public service job.

[28.00] Recertifying income – Grant shares the importance of recertifying your income if you are in a student loan repayment plan and what happens if you fail.

Resources

FACT SHEET: President Biden Announces New Actions to Provide Debt Relief and Support for Student Loan Borrowers

ed.gov/news/press-releases/fact-sheet-president-biden-announces-new-actions-provide-debt-relief-and-support-student-loan-borrowers

Income-Driven Repayment (IDR) Plan Request

studentaid.gov/idr/

How the New SAVE Plan Will Transform Loan Repayment

and Protect Borrowers

ed.gov/policy/highered/reg/hearulemaking/2021/idrfactsheetfinal.pdf