Student loan repayment is resuming. Here's what you need to know

学生贷款还款正在恢复。以下是您需要了解的内容

Life Kit

2023-08-29

14 分钟
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The three-year federal pause on student loans is expiring soon. If your financial circumstances have changed, or you just need an explanation of the many payment plans out there, here's a refresher course on how to pay off your student debt. Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy
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  • You're listening to lifekit from NPR.

  • Hey, everybody, it's Marielle.

  • Today we're doing a deep dive on student loan debt for two reasons.

  • One, the federal pause on student loan payments and interest is about to end.

  • So on September 1, the interest starts accruing again.

  • And on October 1, people will have to start paying their loans back.

  • Two, with all the jargon and the repayment plans and the options for loan forgiveness, this topic gets really confusing.

  • I remember as a first generation college student when I took on student loans at age 17.

  • I didn't think too much about them or even understand how they worked.

  • And then right before graduation, we had this assembly where you show up and they do this mind numbing PowerPoint presentation.

  • And then you leave with an armful of paperwork and no clue what to do next.

  • I'll one up you on the exit counseling thing.

  • I got put in a room by myself with a VCR tape of a video of an old man in a suit walking through a park telling me I should pay my loans back to be a good citizen.

  • Betsy Mayott is president of the Institute of Student Loan Advisors, a nonprofit that offers free expert advice for borrowers.

  • I've been in the student loan industry doing compliance and advocacy work.

  • Feels like since the earth cooled and.

  • She is here to help.

  • So I have a couple commandments for people new to repayment.

  • The two commandments number one, the name of the game is paying the least amount over time.

  • The second thing I tell people is don't set it and forget it.