Traps to Avoid as Payments Resume
Episode description
As student loan payments restart after a three-and-a-half-year break, borrowers are facing challenges. Most of the traps revolve around applying for SAVE, linking your IRS data to the Department of Education, and reaching out to your student loan servicer. When navigating these pitfalls, it’s crucial to consider your unique situation instead of blindly following the Department of Education's one-size-fits-all solution. Listen in to learn common mistakes to avoid and what to do when your servicer messes up.
In today’s episode, you'll find out:
- How to avoid payment traps and servicer mistakes as payments start
- When to set up autopay, and when to turn it off
- What to consider before applying for the SAVE plan
- Why you shouldn’t link your IRS data with the Department of Ed
- Problems with income recertification
- When alternative documentation for income is best for borrowers
- Downsides of calling your servicer with student loan questions
- How to be strategic to find solutions for servicer issues
- What to do when your servicer messes up
- Actions to take to resolve servicer mistakes
- How to get support to navigate servicer issues
Links mentioned:
StudentAid.gov
SAVE Repayment Plan
Student loan servicers
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