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☆ Millions of student-loan borrowers are getting new details on qualifying for Biden's broader debt cancellation plan coming this fall
▼ + stars: | 2024-08-06 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewThe Education Department is getting closer to delivering student-loan forgiveness to millions of borrowers. Specifically, the department said that only borrowers who have "entered repayment on at least one of their loans when the debt relief is applied would be eligible for forgiveness on the loan(s) in repayment." Borrowers with PLUS loans are considered to have entered repayment when their loans are fully disbursed. Are you hoping to benefit from Biden's student-loan forgiveness plan?

Persons: —, Joe Biden's Organizations: Service, Department, Higher, Business, Public, Federal, Aid

An income-driven repayment plan may be a good choice if you can't handle your monthly payments. Student loan payments have started up again, and you might not be ready to keep paying the amount you've previously been able to going forward. The SAVE Plan is a simplified income-driven repayment (IDR) plan, which aims to provide more affordable student loan payments for borrowers with low to middle incomes. The loans eligible for the SAVE plan are:Direct Subsidized LoansDirect Unsubsidized LoansDirect PLUS Loans made to graduate or professional studentsDirect Consolidation Loans that didn't repay any PLUS loans made to parentsThose with Subsidized Federal Stafford Loans (from the FFEL Program), Unsubsidized Federal Stafford Loans (from the FFEL Program), graduate students with FFEL PLUS Loans, FFEL Consolidation Loans, or Federal Perkins Loans, are only eligible for the SAVE plan if consolidating these loans into a direct consolidation loanAs for income requirements, there is no income limit to qualify for the SAVE plan. To apply for the SAVE Plan, the process will likely be through the Student Aid website.

Organizations: SAVE, Federal Stafford Loans, Unsubsidized Federal Stafford Loans, FFEL PLUS, Federal Perkins Loans, Student Locations: forbearance, Unsubsidized, Chevron

You can see the amount of aid you may receive using the Federal Student Aid Estimator. The more financial need you have, the higher likelihood you have to qualify for more financial aid. Types of financial aid you might qualify forYour financial aid package will be broken up into several parts: grants, scholarships, work-study, and loans. Work-studyWork-study is a type of financial aid that provides part-time positions for students with financial need to earn money for academic expenses. Financial aid amount through FAFSA: ConclusionThe amount of financial aid you receive can vary greatly depending on many factors.

Persons: It's, you'll, Pell, aren't, —, I'm Organizations: Federal, Aid

When you complete the FAFSA, your school may offer you any one of three types of federal loans: subsidized loans, unsubsidized loans, and Direct PLUS Loans. You will have to pay those back, and these should be your last option as private loans often come with worse terms and protections than federal loans. The earlier you submit your FAFSA, the more likely aid will still be available — the pool of money is finite. The FAFSA is your application for federal financial aid. However, federal student loans received through your FAFSA do have to be repaid with interest after you graduate or leave school.

Organizations: Loans, Chevron Locations: Iraq, Afghanistan, Chevron

The annual and lifetime borrowing limits on subsidized loans are more rigid than unsubsidized loans. Year Dependent Students Independent Students First-Year Undergraduate Subsidized: $3,500 Unsubsidized: $5,500 Subsidized: $3,500 Unsubsidized: $9,500 Second-Year Undergraduate Subsidized: $4,500 Unsubsidized: $6,500 Subsidized: $4,500 Unsubsidized: $10,500 Third-Year and Beyond Undergraduate Subsidized: $5,500 Unsubsidized: $7,500 Subsidized: $5,500 Unsubsidized: $12,500 Graduate or Professional Student N/A Unsubsidized: $20,500 Aggregate Loan Limit Subsidized: $23,00 Unsubsidized: $31,000 Subsidized: Undergraduate: $23,000Graduate or Professional Students: $65,500 Unsubsidized Undergraduates: $57,500Graduate or Professional Students: $138,500Time limitsFor subsidized loans taken out after July 1, 2013, there is a limit to how many academic periods you can receive funds. Interest rates and feesFor undergraduate students, subsidized and unsubsidized loans charge the same interest rate. Subsidized and unsubsidized loans: ConclusionBoth subsidized and unsubsidized loans can be crucial tools for financing your education. Prioritize subsidized loans, understand the implications of unsubsidized interest, and make informed borrowing decisions.

Persons: You'll, they're Organizations: Education, Department, Federal Student Aid, Chevron Locations: deferment

☆ Small apartments are in, and it's causing rents in new buildings to drop
▼ + stars: | 2024-07-05 | by ( Eliza Relman | ) www.businessinsider.com time to read: +4 min

Developers have built a lot of new small apartments over the last few years, and the boost in supply has driven rents down. Rents for newly finished one-bedroom apartments are also falling — the median rent fell 11.9% year over year in the first quarter of 2024, the report found. More than 90,000 new apartments came online in the fourth quarter of 2023, finishing a big year of apartment construction, Redfin noted. The Redfin report is based on US Census data on "unfurnished, unsubsidized, privately financed rental apartments in buildings with five or more units." Studios and one-bedrooms tend to be more profitable for developers to build than larger apartments, and developers aren't building enough apartments suitable for big families.

Persons: Redfin, you've, Sheharyar Bokhari, — Organizations: Service, Business, Harvard Locations: Redfin

☆ How to pick a good, affordable college before applying
▼ + stars: | 2024-06-17 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +8 min

New York CNN —Long before you take your high schooler on college campus tours, consider this: Shopping for college shouldn’t be any different than shopping for a home. Getting into that top 25% cohort is based on SAT or ACT scores, and having a high, unweighted GPA based on a rigorous high school curriculum. Other ways to reduce college costs before applyingWhile your children are in high school they can take other steps to reduce the total cost of their education. If their high school doesn’t offer them, there is a program called Freshman Year for Free offered by the Modern States Education Alliance. Getting the minimum AP scores a college requires to earn a college credit will lower how much you ultimately have to spend on tuition.

Persons: New York CNN — Long, ”, Beth Walker, Walker, doesn’t, pare, Mike McKinnon, won’t, Todd Fothergill, Fothergill, you’re, ” Fothergill, ” Walker, Said Walker, “ Organizations: New, New York CNN, shouldn’t, “, College, ”, National Institute of Certified College Planners, Ivy League, Loan, Students, Stafford, American, Tax, of Education College, College Board, Free, Modern States Education Alliance Locations: New York

☆ A couple who achieved financial independence and retired in their 30s shares their $280,000 a year budget raising 2 kids in San Francisco
▼ + stars: | 2024-06-16 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +8 min

AdvertisementHow a FIRE family budgetsIn 2012, Dogen reached financial independence after 13 years in banking, predominantly in San Francisco. His wife retired in 2015 at 35 and worked part-time until they had their first kid. Other family expenses include $7,800 for three family vacations, $6,000 for entertainment, including sporting events and social functions, and $4,200 for baby items. He also said he feels safer as an Asian American in San Francisco than in many other parts of the country. He's itching to "fill that void" with part-time consulting work in the tech or startup industry, hoping to get more involved with AI companies in San Francisco.

Persons: —, Sam Dogen, haven't, Dogen, Uber, should've, they're, I'm, he's, it's, Dogen didn't, didn't, you've, I've Organizations: Service, Business, FIRE, Bay Area, Uber Locations: San Francisco, American, Memphis, Houston, Bay

☆ I retired in my 30s with a net worth of $2.5 million over a decade ago. Now, I'm going back to work at 46.
▼ + stars: | 2024-06-12 | by ( Lauren Crosmedlicott | ) www.businessinsider.com time to read: +8 min

Read previewThis as-told-to essay is based on a conversation with Sam Dogen, a 46-year-old in San Francisco. It was easy to save money because I was working so muchI started saving only a month after starting at Goldman Sachs. A promotion and move to San Francisco got me on the property ladderIn June 2001, I was recruited to join Credit Suisse and moved to San Francisco. In 2005, I bought a house for $1,520,000 in San Francisco and rented my condo until I sold it in 2017. Having kids took up a lot of our passive income budgetOnce our son was born in 2017, we began spending more of our passive income.

Persons: —, Sam Dogen, I'd, Mary, Goldman Sachs, San Francisco, I've, I'm Organizations: Service, Business, College of William, San, Credit Suisse Locations: San Francisco, Virginia, USA, Manhattan

An income-driven repayment plan may be a good choice if you can't handle your monthly payments. The SAVE Plan is a simplified income-driven repayment (IDR) plan, which aims to provide more affordable student loan payments for borrowers with low to middle incomes. The SAVE Plan replaces the previous variations of IDR plans (Income-Contingent, Income-Based, Revised Pay As You Earn). The SAVE Plan calculates your payment based on a smaller percentage of your discretionary income compared to older IDR plans. Read more Read less Ryan Wangman, CEPF Loans Reporter Ryan Wangman was a reporter at Personal Finance Insider reporting on personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans.

Persons: Alexis Rhiannon Alexis Rhiannon, Read, Ryan Wangman Organizations: SAVE, Federal Stafford Loans, Unsubsidized Federal Stafford Loans, FFEL PLUS, Federal Perkins Loans, Student, Upright Citizens Brigade, Finance, Northwestern University, Boston Globe Locations: forbearance, Unsubsidized, Chevron, Los Angeles

IntroductionWhen you complete the FAFSA, your school may offer you any one of three types of federal loans: subsidized loans, unsubsidized loans, and Direct PLUS Loans. If your college costs aren't covered completely by the aid offered through the FAFSA, you may have to take out private loans as well. You will have to pay those back, and these should be your last option as private loans often come with worse terms and protections than federal loans. Student Loans: These DO have to be repaid with interestYou can get various types of aid from the FAFSA, and you'll know what you qualify for once your school gives you your complete financial aid package. Ryan Wangman, CEPF Loans Reporter Ryan Wangman was a reporter at Personal Finance Insider reporting on personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans.

Persons: Ryan Wangman, Read Organizations: Loans, Chevron, Finance, Northwestern University, Boston Globe Locations: Iraq, Afghanistan

Whether any of the relief will materialize is a looming question as conservatives vow to challenge any attempt at mass student loan cancellation. For a Federal Stafford Loan, a Direct Subsidized Loan or a Direct Unsubsidized Loan, repayment starts after the initial grace period ends. For a Federal PLUS Loan or a Direct PLUS Loan, repayment starts the day the loan is fully disbursed. LOW-VALUE PROGRAMSBorrowers could get their loans canceled if they went to a for-profit college program that leaves graduates unable to repay their federal student loans. In general, programs are considered failing if graduates are paying more than 8% of their average yearly income on federal student loan payments.

Persons: Joe Biden's, Biden's, Biden, ” Organizations: WASHINGTON, Education Department, Federal Stafford Loan, Federal PLUS Loan, PLUS Loan, Public, Defense, Associated Press, Carnegie Corporation of New, AP Locations: Carnegie Corporation of New York

☆ You may need to take extra steps to qualify for Biden's fast-tracked student loan forgiveness
▼ + stars: | 2024-01-16 | by ( Annie Nova | ) www.cnbc.com time to read: +4 min

Pixdeluxe | E+ | Getty ImagesThe Biden administration announced last week that it would fast-track its plan to deliver student loan forgiveness for certain borrowers in its new repayment plan. "A borrower who is already enrolled in the SAVE plan should see this forgiveness automatically," Rubin said. Generally, only Direct loans qualify for the SAVE plan, including Direct subsidized, Direct unsubsidized and Direct PLUS loans. Once your debt is rolled into a Direct Consolidation Loan, you should be able to access the SAVE plan. "If a borrower currently has a loan in default, the defaulted loan is not eligible to be repaid under a SAVE plan," Rubin said.

Persons: Biden, Elaine Rubin, Rubin, Mark Kantrowitz, Kantrowitz Organizations: U.S . Department of, Valuable Education, U.S . Department of Education, SAVE, Direct, Finance Locations: Edvisors

☆ Open Enrollment Begins for Affordable Care Act Health Plans
▼ + stars: | 2023-11-03 | by ( Ann Carrns | ) www.nytimes.com time to read: +2 min

Unsubsidized monthly premiums — the “sticker” price — for a benchmark silver plan are rising 4.5 percent on average as a result of inflation and greater use of health care services since the pandemic, according to a KFF analysis. (Plans are grouped by metal levels, ranging from bronze plans, which have low premiums but higher out-of-pocket costs, to gold and platinum plans, which have higher premiums and lower out-of-pocket costs.) The average monthly premium for a benchmark silver plan is expected to be about $477 for an individual, and the average lowest-cost bronze plan $364, KFF found. Most marketplace customers, however, don’t pay those sticker prices, because tax credits lower their monthly cost — to zero, in some cases. Premium tax credits are based on a family’s size and income and the cost of plans in the area.

Persons: Cox, ”, KFF Organizations: Affordable Care, D.C Locations: Washington

☆ How to Pay Off Your Student Loans Fast
▼ + stars: | 2023-09-10 | by ( Rebecca Safier | ) www.wsj.com time to read: +11 min

5 strategies to pay off your student loans ahead of scheduleMore than half of students take out student loans to pay for college, with the average debt load upon graduation totaling nearly $30,000. Be cautious about refinancing federal student loans: Doing so means sacrificing federal repayment plans and other protections. Pay off interest during school and your grace periodInterest starts accruing on most student loans, such as federal unsubsidized loans and private student loans, from the day they are paid out (known as the disbursement date), usually at the beginning of each semester. Pursue student loan forgiveness and assistanceIf you’re open to switching jobs, consider pursuing a role that would make you eligible for student loan forgiveness or assistance. If you have federal student loans, you may need to set up autopay again before the payment pause ends in October.

Persons: Rebecca Safier, you’d, “, ”, Karen McCarthy, Let’s, you’ll, Biden, Michael Lux, Joe DePaulo, McCarthy, autopay, forbearance, It’s, you’ve, Jan Miller Organizations: National Association of Student Financial, Public, Student Loan Sherpa, College Ave

☆ Student loan interest resumes. Here’s what borrowers need to know
▼ + stars: | 2023-09-05 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

Undergraduate subsidized student loans should not start racking up interest until after you've graduated and finished your six-month grace period. watch nowThe interest on undergraduate subsidized loans is usually suspended while you pursue more schooling. You can contact your loan servicer or visit StudentAid.gov to learn your loan type, said Betsy Mayotte, president of The Institute of Student Loan Advisors, a nonprofit2. Recent graduatesMost graduates get a so-called grace period after they've finished school before they need to start making their student loan payments. If you're unemployed when student loan payments resume, you can request an unemployment deferment with your servicer.

Persons: Drazen Zigic, Kantrowitz, you've, they've, Betsy Mayotte Organizations: Istock, Getty, The, Student Loan Advisors

☆ Student loan interest resumes today — what that means for borrowers
▼ + stars: | 2023-09-01 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

The interest rates on federal student loans are fixed once disbursed, but vary depending on when they're taken out. "Millions of federal student loan borrowers are starting to adjust to the reality of having to figure out how to bake their student loan payments into their budget once again," said Betsy Mayotte, president of The Institute of Student Loan Advisors, a nonprofit. The typical monthly student loan bill is around $350. As a result of the policy, the average borrower likely saved around $15,000 in student loan payments during the pause, including around $5,000 in interest charges. Student loan borrowers can check their interest rate at Studentaid.gov or with their servicer.

Persons: they're, Betsy Mayotte, Mark Kantrowitz Organizations: The, Student Loan Advisors, Finance

☆ Student loan interest resumes Sept. 1. What that means for subsidized vs. unsubsidized debt
▼ + stars: | 2023-08-31 | by ( Greg Iacurci | ) www.cnbc.com time to read: +2 min

Srdjanpav | E+ | Getty ImagesHow interest accrues on loansDirect Subsidized Loans are available to undergraduate students who demonstrate a financial need. Unlike that of subsidized loans, interest on unsubsidized loans starts accruing immediately upon disbursement and accrues even during deferments or grace periods, making this debt more expensive. The term Stafford Loan is an informal way of referring to Direct Subsidized Loans and Direct Unsubsidized Loans made via the Direct Loan Program. It also refers to subsidized or unsubsidized Federal Stafford Loans made via the Federal Family Education Loan, or FFEL, program. During that time, interest wasn't accruing on any loans — meaning unsubsidized loans essentially became subsidized debt for some borrowers.

Organizations: U.S . Department of Education, Stafford Loans, Department, Education Department, Program, Federal Stafford Loans, Federal Family Education Locations: disbursement, Stafford

Our experts answer readers' student loan questions and write unbiased product reviews (here's how we assess student loans). Melissa Jean-Baptiste graduated with $50,000 in student loan debt that ballooned to over $100,000. After graduating in 2010, Jean-Baptiste was in more than $50,000 of student loan debt. Despite making every single payment on her loans without fail, over time and with varying interest rates, she saw her student loan debt balloon to over $100,000. Here are the steps Jean-Baptiste took to pay off over $100,000 in student loan debt in six years:1.

Persons: Melissa Jean, Baptiste, Jean, Baptiste wasn't, Jean Baptiste, It's Organizations: Service, Citibank Locations: Wall, Silicon

☆ Federal student loan borrowers can now apply for the SAVE repayment plan—see if you qualify for $0 monthly payments
▼ + stars: | 2023-08-01 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +1 min

The Department of Education on Monday released a beta form application for the new Saving on a Valuable Education repayment plan for federal student loan borrowers. The new income-driven repayment plan replaces the Revised Pay as You Earn plan and aims to give borrowers the most affordable monthly payment. Like REPAYE, the SAVE plan caps monthly payments at a percentage of your discretionary income, currently 10%. If you have federal direct unsubsidized or subsidized, consolidated, or grad PLUS loans you can apply to enroll in the SAVE plan now on the Federal Student Aid website. If you were already enrolled in the REPAYE plan, you will automatically be transferred into the SAVE plan.

Organizations: of Education, Monday, Federal, Aid

☆ When student debt payments restart, your loan type will make a big difference
▼ + stars: | 2023-07-19 | by ( Greg Iacurci | ) www.cnbc.com time to read: +3 min

Damircudic | E+ | Getty ImagesThe looming end of a pandemic-era pause to student loan payments and interest puts a spotlight on a big difference between two types of debt: subsidized and unsubsidized loans. How interest accrues on subsidized, unsubsidized loansDirect Subsidized Loans are available to undergraduate students who demonstrate a financial need. About 30.7 million people have an unsubsidized loan, with an average balance of about $19,000, according to the Education Department. (The term Stafford Loan is an informal way of referring to Direct Subsidized Loans and Direct Unsubsidized Loans made via the Direct Loan Program. It also refers to subsidized or unsubsidized Federal Stafford Loans made via the Federal Family Education Loan, or FFEL, program.)

Persons: — Organizations: Stafford Loans, U.S . Department of Education, Department, Education Department, Program, Federal Stafford Loans, Federal Family Education Locations: Stafford

☆ Owe federal student loans and earn $15 an hour or less? You could qualify for a $0 monthly payment
▼ + stars: | 2023-07-07 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +4 min

The SAVE plan will replace the existing REPAYE plan and offer the lowest monthly payment of any IDR plan available, the Education Department announced last week. Here's how the SAVE plan works and how you may be able to use it to manage your loans. Bigger income protections Similar to the REPAYE plan, the SAVE plan caps monthly payments at a percentage of your discretionary income, currently 10%. So any borrower earning that salary — which is about $15 an hour for a full-time worker — or less could qualify for a $0 monthly payment on the SAVE plan. No co-sign required for married borrowers Borrowers will be able to apply for the SAVE plan without having their spouse co-sign.

Persons: Joe Biden's, Biden, Here's Organizations: Education Department, SAVE, Department of Education

☆ How to Pay Off Your Student Loans
▼ + stars: | 2023-06-28 | by ( Rebecca Safier | ) www.wsj.com time to read: +13 min

Here’s how to pay off student loans in a way that works for your budget and goals. Look into specialized loan forgiveness programsWhile the Supreme Court hasn’t shared its ruling on Biden’s widespread forgiveness initiative yet, there are other options for loan discharge, such as Public Service Loan Forgiveness and Teacher Loan Forgiveness. You can pay off federal student loans early, as there’s no student loan prepayment penalty. If you want to retain access to federal protections, it wouldn’t make sense to refinance your federal student loans. In the end, there’s no single right way to pay off student loans faster.

Persons: Rebecca Safier, Biden’s, ”, Robert Farrington, you’re, you’ve, Michael Lux, “, Farrington, Autopay, servicers, autopay, servicer Nelnet, hasn’t, Adam Minsky, You’ll, Mark Kantrowitz Organizations: Education Department, College Investor, millennials, Federal, Aid, Grad, Student Loan Sherpa, Student Aid, autopay, Peace Corps, Corinthian, Education Locations: “, SavingforCollege.com

Our experts answer readers' student loan questions and write unbiased product reviews (here's how we assess student loans). Borrowers who have refinanced federal loans into private loans are ineligible for forgiveness. See Insider's picks for the best student loan refinance lenders >>What is Biden's student loan forgiveness plan? Federal student loans you've refinanced are not eligible for forgiveness under Biden's debt relief plan. Types of student loans that are eligible for forgivenessThe Education Department maintains a list of eligible student loans on its website, which includes the following:Federal Direct Loans — subsidized, unsubsidized, PLUS loans, and consolidation loansFederal Family Education Loan (FFEL) Program loans (ended in 2010)Federal Perkins Loan Program loans (ended in 2017)Education Department-held defaulted loansAll loans funds must have been received on or before June 30, 2022.

Persons: Pell Grant, —, Biden, Pell, you've, doesn't, Andrew Latham, Biden's, Perkins, Latham Organizations: Service, —, Pell Grants, Education Department, US, of Education, Department, Federal, Family Education, Loan Program, Public

☆ These early retirement advocates quit their jobs with plenty of money in the bank. Here are their tips for becoming financially independent
▼ + stars: | 2023-06-15 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

Moyo Studio | E+ | Getty ImagesSaving enough money to comfortably retire later in life may seem like a daunting, out-of-reach goal. The FIRE movement — which stands for Financial Independence, Retire Early — is built on the idea that handling your money super efficiently can help you reach financial freedom earlier. Boost your savings rateToday, the average savings rate in the U.S. hovers around 2% to 5%, Sabatier noted. But by saving about 50% of your income, the average person can reach financial independence in 10 years or less, Sabatier said. Reduce your cost of livingTo achieve a high savings rate, you need to reduce your living costs.

Persons: Grant Sabatier, Alex Trias, Sabatier, Trias, It's Organizations: Financial Independence, CNBC's, D.C Locations: Portugal, U.S, Washington

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