09.27.2023 - Student Loan
What You Should Know About The New Student Loan Repayment Option
Presented by Drew Schlotter, CFP®, Certified College Financial Consultant, Woodson Wealth Management
As student loan repayments restart, what should you and your clients consider when evaluating the various repayment plans and options available? In this webinar Certified College Consultant, Drew Schlotter, looked at the pros and cons of the various options, with a special emphasis on the new SAVE Plan that's already attracted more than 4 million student loan borrowers, due in large part that the SAVE plan has the potential to be less expensive than previous IDR (Income-Driven) repayment plans.
Note that the SAVE plan can work for affluent clients as it's estimated the high-earners might have their monthly payments reduced by as much as 5% with this plan.
Attendees Comments:
"New Ideas" Learned According to Webinar Attendees:
"I learned that the choice is really between the Standard Repayment Plan and one of the 4 income-driven repayment plans. Good to know which options are so rarely optimal that they can be ignored."
"Learned about double consolidation benefit of student loans to be eligible for an IDR plan and specifically the SAVE plan that will lower payments to 5% of discretionary income as of 7/1/24."
"Pick the Public Service Loan Foregiveness program and SAVE and stick with it."
"New Ideas" Learned According to Webinar Attendees:
"I learned that the choice is really between the Standard Repayment Plan and one of the 4 income-driven repayment plans. Good to know which options are so rarely optimal that they can be ignored."
"Learned about double consolidation benefit of student loans to be eligible for an IDR plan and specifically the SAVE plan that will lower payments to 5% of discretionary income as of 7/1/24."
"Pick the Public Service Loan Foregiveness program and SAVE and stick with it."