New Money New Problems Podcast EMERGENCY STUDENT LOAN EPISODE!
EPISODE RESOURCES
SAVE Plan Cancellation Press Release
SAVE Plan Timeline Press Release
Parent Plus Loan D-Day, Disallowed Student Loan Guidelines and Details on the Immediate Future of the SAVE Plan
In this episode, we go through EXTREMELY important details on the future of Parent Plus Loans, and why many borrowers need to take action by April 1st in order to preserve eligibility for student loan forgiveness. These borrowers must have a newly consolidated loan disbursed by July 1st to maintain eligibility, and all parents should be wary of borrowing any new Parent Plus Loans after that time. We also cover certain student loan guidelines from the Biden era that have been disallowed, including, crucially, the ability to consolidate federal loans without resetting your credit towards forgiveness. Lastly, for borrowers on the SAVE plan, we have details on the 90 day timeline borrowers will have to move to a new Income Driven Repayment plan or risk being placed on a (likely significantly higher) Standard Plan. Tune in for details!
00:00 Emergency Student Loan Alert
00:49 Why A Midweek Episode
02:17 Parent Plus Deadline Explained
02:42 How To Consolidate Correctly
05:27 July 1 Rule Changes Warning
07:44 SAVE Plan Closure Update
09:12 Consolidation Credits Reset
12:08 Defaulted Borrowers Options
13:45 What Good News Remains
15:45 PSLF Buyback Clarified
18:20 SAVE Exit Timeline July 1
20:51 Wrap Up And Next Steps