[Biden, 2021] What will happen to your student loans in 2021?

Watch and learn about Biden’s plans for student loans for 2021 and beyond. Find out how to financially plan for what happens next.

College is part of the American Dream. It shouldn’t be part of a financial nightmare for families.

💖Links and important points from the video:

Unemployment deferment: If you can’t find work, you might qualify for deferrals in six-month increments for up to three years. This program also covers your interest for subsidized student loans, but not unsubsidized loans.

Economic hardship deferment: This program allows you to pause federal student loan payments for up to three years, during which the government will cover the interest for your subsidized student loans. To qualify, you must be receiving federal or state public assistance, earning below 150% of the poverty line, and working at least 30 hours per week.

Forbearance: When you don’t qualify for a deferment based on economic hardship, you may apply for federal forbearance or explore private forbearance options with your lender. A federal forbearance can last up to three years, while a private forbearance will be far less than that, perhaps just two to three months at a time. Unlike a deferment, the government won’t cover any of the interest your loan.

Income-driven repayment plans: Income-driven repayment plans can provide affordable monthly payments for borrowers based on their taxable income and family size (if you earn less than 150% of the poverty line, your federal income-driven repayment plan payments may be zero). If you’re already on an IDR plan and making less money now, ask your lender about re-certifying your income before the IDR kicks in again.

For more information on these options (and other specialized deferments), the link is here: https://bit.ly/3mTDtUb

Biden Plan for Education Beyond High School: https://bit.ly/2WNuVUf

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