![]() ![]() The book offers advice, tips and financial management lessons geared towards helping the reader highlight strengths, identify missteps and take control of their finances. Jennifer is also the author of Thrive!.Affordably: Your Month to Month Guide to living your Best Life without breaking the bank. ![]() She started her career covering personal finance at Black Enterprise Magazine, went on to CNBC where she covered personal finance, women and money and tech and then Forbes, where she reported on personal finance, business, tech and money matters related to the economy, investing, credit and entrepreneurship. Jennifer is a Senior Personal Finance Reporter and Spokesperson for the Personal Finance vertical at Business Insider. It may be helpful to use a budgeting app to stay on top of your spending and know where your money is going. Until you get used to this new expense, you may need to cut back on your spending for a while. Look at how you are spending your money to see where you can reduce - and even cut - so the payment amount doesn't totally blow your budget. Whatever your payment amount is, it's sure to take a bite out of your disposable income, so do the math well in advance. Get your budget ready now, before the payments start. Include student loan payments in your budget If you have private student loans and are having problems affording your payments, you should still contact your servicer to see what kind of payment plan options they offer to borrowers having difficulty. Only borrowers with federal student loans can apply for income-driven repayment plans. IDR plans are based on your income and will reduce your payment amount based on your ability to pay, even if that amount is $0. An IDR, or income-driven repayment, plan ensures that borrowers can continue to make payments and lessens the risk of default. It's better to make small, affordable payments than nothing at all. But what if that payment amount isn't affordable for you? 2. This plan sets a fixed, monthly payment for up to 10 years. Every borrower is automatically enrolled in the standard repayment plan in the beginning. You may need to review your repayment options and choose the plan that works best for your financial situation right now. It has been three years since the student loan repayment pause was put into effect. Decide which payment plan is best for you Here are a few steps you can take right now to get ready for when those payments are due.ġ. Don't wait until the last minute to work this into your budget. The actual payment due date for your loan will depend on your loan servicer.īorrowers should start preparing to make those payments now. Interest will start to accrue on loans starting Septemand payments will resume October 1, 2023. Borrowers have not been required to make payments since March 2020 and for some that has been a long respite.ĭue to the lengthy time period of not having student loan payments, borrowers may have to prepare for making those payments again and the impact that may have on their financial situation. It will also mean it's time for student loan payments to resume.Īs federal pandemic relief comes to an end, student loan borrowers will see the return of their student loan payments. This year, the end of summer will not only mean it's time to head back to school. By clicking ‘Sign up’, you agree to receive marketing emails from InsiderĪs well as other partner offers and accept our ![]()
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