141. Student Loans and the new SAVE plan with Becca Baldauf from Student Loan Planner
Becca gives us the lowdown on what's new with student loans
Becca Baldauf a CPA and Certified College Financial Consultant with Student Loan Planner joins us to have a conversation on Student Loans. Starting October 2023, student loan payments resume. President Biden has also recently launched the SAVE plan which has many new changes and potential HUGE benefits for many borrowers. Becca gets into specifics about student loans such as consolidation, public service loan forgiveness [PSLF], loan forgiveness in general, the different plans for repayment and their benefits, and general ways to approach loans. This is a must-listen episode for anyone who has student loans! Share it with anyone who is wondering how to approach their student loans. For questions on your specific situation, you can book a consultation with Student Loan Planner here.
Here’s some exciting points from today’s conversation
Borrowers who work at a nonprofit but who are employed by a private company (because they are not able to work directly for the nonprofit) can now qualify for Public Service Loan Forgiveness (PSLF). Ex: Kaiser Permanente physicians
If you worked at a nonprofit in/after undergrad and you were paying your student loans, then those months can now apply to forgiveness for all your loans. Your loans must be consolidated for this to apply. The deadline to consolidate is December 31, 2023. Ex: Susan worked as a lab tech at a nonprofit hospital for 1 year prior to PA school. She was paying for her undergrad loans during that time period. She went to PA school and accumulated grad school loans as well. The 12 months count towards her entire 120 loan count towards PSLF not only for the undergrad loans.
Show Notes
Student Loan Planner website
Information on One-Time Payment Count Adjustment for Eligible Borrowers
Community Time
Thank you,
for your comments on our last episode on the Loneliness epidemic. Sean had two additional columns in his spreadsheet that said "Intent" and "Action Item" which helped him be intentional about reaching back to people like our very ownThank you,
who shared the following “Enjoyed this one Michelle. We do need creative solutions to this loneliness epidemic. Its already bad and it does not feel like it’s going to get better with smaller families and people having less kids.”
Notice anything spooktacular about today’s Build a Wealthy Spirit Jingle? Yes, we did have a spooktacular edition of the theme song because I’m OBSESSED with Halloween. Do not fret! This eerie jingle is here to stay for the month of October, so be sure to join us next time as we put down the ghoul-book and rethink the status quo.
