Student loan payments resumed in October 2023, with interest starting to accrue in September 2023. If you are unsure what your next steps are, take a look at these free student loan resources.
Free Student Loan Counseling Available
Call GreenPath today to speak with a a certified student loan expert. GreenPath counselors can help determine payment options based on your loan types.
Public Service Loan Forgiveness (PSLF)
Those with student debt who are employed by non-profits, the military, or federal, state, Tribal, or local government may be eligible to have all of their student loans forgiven through the Public Service Loan Forgiveness (PSLF) program. For more information on eligibility and requirements, go to PSLF.gov.
Payments Resumed in 2023 for 44 Million People
The numbers are astonishing. More than 44 million people owe student loans totaling over $1 trillion in student debt combined.
But the landscape is changing. After the longest student loan repayment pause in history, student loan payments will resume being due in October 2023, with interest starting to accrue in September 2023.
Reach out to GreenPath for a free counseling session.
The Saving on a Valuable Education (SAVE) can help you save money with your student debt.plan is a new/improved income-driven repayment plan, designed to provide the lowest monthly payment yet. A single borrower who earns $15 or less per hour or a borrower with a family of four whose household income is less than $62,400 will make a $0 monthly payment under the SAVE plan. SAVE plan borrowers will not be charged with unpaid monthly interest, even if their monthly payment is $0. Starting in July 2024, the plan also lowers the calculation of a borrower’s payment from 10 percent to 5 percent maximum of discretionary income. Apply on www.studentaid.gov.
In addition to SAVE, there are several other income-driven repayment plans available, along with standard repayment plans. Forgiveness options are available for teachers, first responders, public servants, nonprofit employees, government employees, military, dentists, veterinarians, is disabled, etc. You can compare your eligible plans at the federal government site Loan Simulator.
If your loans are in default, look into the Fresh Start initiative, a one-time temporary program that will return loans to "current" status, remove negative marks on credit reports, suspend collections, allows access to repayment plans, deferment or forbearance and restores access to federal aid and other federal loans/grants. Learn how to apply here.
Contact GreenPath today and a certified student loan expert will:
- Review your student loans to determine payment options based on your loan types.
- Explore repayment options to make sure you understand the pros and cons of each.
- Develop a customized plan to help you pay your bills and help you along your financial wellness journey.
Your future is yet to be written, and the choices you make now can influence what comes next. Knowing what’s best for you requires student loan expertise plus an unbiased assessment of your situation. You have options.