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.