Name: Your Student Loans Are Due Next Month. Are You Ready?
Uploaded: 2023-09-06T18:00:00Z
Duration: 5 min 9 s
Description: Interest on student loans began accruing on Sept. 1 and payments are due next month. WSJ’s Julia Carpenter joins host J.R. Whalen to discuss how borrowers should prepare to resume making payments. Photo Illustration By Sam Kelly, Istock

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Interest on student loans began accruing on Sept. 1 and payments are due next month. WSJ’s Julia Carpenter joins host J.R. Whalen to discuss how borrowers should prepare to resume making payments. Photo Illustration By Sam Kelly, Istock

https://m.wsj.net/video/20230906/94cf5acb-88a8-4fc0-9050-c5e4dc46b0de/1/hls/manifest-hd-wifi.m3u8

Your Student Loans Are Due Next Month. Are You Ready?

Whalen: Here's your money briefing for Wednesday, September 6th. I'm JR Whalen for the Wall Street Journal. Last Friday, interest began accruing on student loans for millions of borrowers who haven't had to make payments in three years and payments resume next month. Wall Street Journal of Personal Finance reporter Julia Carpenter joins me. So Julia, for a lot of people, their personal finances look a lot different than when they last made payments in 2020. What should they do to prepare?

Julia: There's three things that borrowers should do in order to prepare. One is know what is due and when. So look at your payment history, what you were paying prior to the pandemic, see if your income has changed since then or your financial situation has otherwise changed, but when you were making payments and how much so that way you can prepare your budget to reabsorb those payments. And then if you have questions about your payments, "Okay, is this plan that I'm in gonna change this? Or my circumstances changing would affect this? What was my interest rate again," that's when you should contact your servicer and you should do so as soon as possible before people are gonna clog up the phone lines with a ton of other questions. And then it goes back to that sort of first piece I was talking about, preparing yourself mentally. You have to look at your budget and also remember that this is something that three years we haven't had to do this. Now we're gonna have to do it again. Prepare yourself mentally to again have this bill.

Whalen: So what options do people have if the payment plan they had previously doesn't fit their budget now?

Julia: So the first thing people should do is call their servicer and talk to their servicer. Understand if there are other options that they are eligible for other plans that their income qualifies them for. The Department of Education also has a loan simulator tool on studentaid.gov that allows you to input things like your income, your family size, these other criteria that would change what plan you would qualify for and why. You can actually see in that tool that it tells you what your payment would be and how you would qualify.

Whalen: Now, we've heard about a program that will allow a borrower to lower their monthly payments and speed up their repayment process. How does that work? And who's eligible for it?

Julia: So it's called the SAVE plan. That's the saving on a valuable education plan. And the thing that's really great about this plan for borrowers who are making significantly less is that their payments could be as low as $0 a month. So if you're an individual borrower making $32,800 or less a year and that comes out to like $15 an hour or less, or a family of four making $67,500 a year or less then your payments could be as low as $0 on this plan. If you make that $0 payment it still counts toward eventual forgiveness.

Whalen: And some servicers require you to actually enter the numeral zero and some don't. But servicers want you to do something so you've acknowledged the payment on time.

Julia: You have to actually make the payment. So it's interesting, it qualifies as you not missing the payment. So it means that if your payment is $0 a month it counts still as a payment toward your loan and it's been calibrated as such because of your income. But the difference with this plan is that they have calibrated based on the poverty line. So originally the income exemption was 150% of the poverty line. Now it's 225% of the poverty line. So a lot of people could qualify for this plan and see their monthly payments decrease and their process for repayments sped up.

Whalen: Alright, so there is some relief for lower income borrowers, but how about borrowers who make more than $32,800 a year. Does this plan offer some options for them?

Julia: Yes. So those people making $32,800 a year will see their payments as low as $0. But that doesn't mean that people making more than that won't benefit from this plan. Their payments will be calibrated according to their income and their family size. So there'll be more than $0, but they could be significantly less than what they were paying previously.

Whalen: Wow, that's a lot of numbers to keep track of. How will they know how much to pay?

Julia: So you have to apply for the SAVE plan. You can apply on studentaid.gov. And then once you find out whether or not you qualify, the SAVE plan will tell you how it has calibrated your payments based on your income and your family size.

Whalen: Now, over the summer, the Supreme Court struck down President Biden's student loan forgiveness plan, but the White House said it plans to try again. What's the latest on that?

Julia: So we're still in limbo right now. We're on hold waiting to see what's gonna happen with this plan. Previously, the Biden administration was trying to do that legally, which is why we saw those legal challenges and then the eventual Supreme Court decision. Now they say they're trying to do it structurally by working with the Higher Education Act. So we don't know yet what the plan will be, but the White House says they're working on it and we'll have updates for readers when we know more.

Whalen: That's Wall Street Journal personal finance reporter Julia Carpenter, and that's it for your money briefing. Today's show is produced by Ariana Osperu with supervising producer Melanie Roy. I'm JR Whalen for the Wall Street Journal. We'll be back tomorrow morning. Thanks for listening.

WSJ's Your Money Briefing podcast is your personal-finance and career checklist. Finance reporters and experts break down complicated money questions every weekday to help you make better decisions about managing your money. 