How to Pay Off Your Student Loans Without Biden’s Help.
On June 30, 2023, President Biden announced that he would not be pursuing a plan to forgive $10,000 in student loan debt per borrower. This decision was met with disappointment by many borrowers, who were hoping for some relief from their debt burden.
So, what should borrowers do now? Here are a few options:
- Refinance your loans. If you have federal student loans, you may be able to refinance them through a private lender at a lower interest rate. This could save you money on your monthly payments and over the life of your loans.
- Make extra payments on your loans. Even if you can’t afford to make a large payment, even a small amount can help you pay off your loans faster.
- Consider income-driven repayment plans. If you’re struggling to make your monthly payments, you may be able to qualify for an income-driven repayment plan. These plans cap your monthly payments at a percentage of your income.
- Explore loan forgiveness programs. There are a number of federal and state loan forgiveness programs available. You may be eligible for forgiveness if you work in a public service job or if you have certain types of loans.
If you’re not sure what to do, you may want to talk to a financial advisor. They can help you assess your options and develop a plan to pay off your student loans.
Here are some additional resources that borrowers may find helpful:
- Studentaid.gov: https://studentaid.gov/
- The Federal Student Aid Help Center: https://studentaid.gov/help-center/
- The National Consumer Law Center: https://www.nclc.org/
- The Student Loan Borrower Assistance Center:https://studentloanborrowerassistance.org/
