SAVE Student Loan Repayment Plan

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.

[3:05] Administrative Forbearance – Grant starts the conversation by sharing some details about student loan forbearance.
[08:30] Income-driven payment plans – Grant explains how income-driven payment plans work.
[13:00] Repayment plans – Grant recaps the current repayment plan options that are available.
[14:32] Federal Pell Grants – Grant explained what happened to Pell Grants, which were awarded only to undergraduate students who displayed exceptional financial need.
[19:35] SAVE repayment plan – Grant explains how the SAVE repayment plan works and how it can be a tremendous help to people.
[24:55] Public service loan forgiveness – Grant dives into how the public service loan forgiveness option works.
[29:37] 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 to do so.

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

00:00 Introduction
03:05 Administrative Forbearance
08:30 Income-Drive Payment Plans
12:32 Federal Pell Grants
13:00 Repayment Plans
19:35 SAVE Repayment Plan
24:55 Public Service Loan Forgiveness (PSLF)
29:37 Recertifying Your Income

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Grant Bledsoe Financial Planner to Business Owners

I'm a financial planner to business owners, and the founder of Three Oaks Wealth. Our firm helps business owners align their business interests with their personal finances, often including the exit or sale of equity holdings.

I hold several professional credentials, including the CERTIFIED FINANCIAL PLANNER™, Chartered Financial Analyst, and Certified Exit Planning Advisor designations.