How is my Discretionary Income Calculated for Student Loan Payments?
If you are thinking about IBR, PAYE or REPAYE, learning how to calculate discretionary income can help save money on student loan payments.
A smart strategy to repay your student loans can save thousands of dollars on interest and eliminate loans years earlier than planned.
Written By: Michael P. Lux, Esq.
Published:
A smart strategy to repay your student loans can save thousands of dollars on interest and eliminate loans years earlier than planned.
Written By: Michael P. Lux, Esq.
Published:
There is a long list of resources to knock out federal and private student loans. For many borrowers, the ideal approach will be a combination of some of the programs below.
If you are brand new to student loan repayment, this guide is a helpful starting point.
If you are thinking about IBR, PAYE or REPAYE, learning how to calculate discretionary income can help save money on student loan payments.
With some temporary federal student loans programs over, or nearly complete, borrowers have to track several different moving targets.
A new Department of Justice policy will make it significantly easier for federal borrowers to get bankruptcy relief on their student loans.
There is a lot to like about the proposed new IDR plan, but a closer inspection shows some room for improvement.
Many significant rule changes have happened during the Covid-19 payment and interest pause. Some of these changes have been well publicized, while others got little attention.
Planning for the federal student loan repayment restart is the most pressing issue for most borrowers.
Borrowers can now get refunds for federal student loan payments made during the Covid-19 pandemic. All borrowers should ask for a refund.
Changes in monthly IDR bills are common. Several different possibilities could explain the increase.
*There are a few cases where knocking out federal student loans first makes sense. However, the majority of borrowers will benefit from prioritizing eliminating private loans.