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Money Girl

7 Benefits of SAVE for Student Loans and Your Credit

Money Girl

Macmillan Holdings, LLC

Business, Education, How To, Entrepreneurship, Investing

4.61.9K Ratings

🗓️ 30 August 2023

⏱️ 14 minutes

🧾️ Download transcript

Summary

The new SAVE program could be a lifeline if you're worried about repaying your federal student loans. Find out seven benefits of SAVE, ways to manage student loans wisely, and how they affect your credit. 

Money Girl is hosted by Laura Adams. A transcript is available at Simplecast.

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Transcript

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0:00.0

If you or a loved one has federal student loans, there's good news and bad news.

0:11.4

You probably already know the bad news.

0:13.9

President Biden's attempt to forgive up to $20,000 in federal debt got struck down by

0:20.2

the Supreme Court in June.

0:22.4

Plus, after a suspension of monthly payments since March 2020 for pandemic relief, they'll

0:28.7

be due again starting in October 2023.

0:33.8

But the good news is that the White House created a new and more generous income driven

0:39.2

student loan repayment program known as SAVE.

0:43.4

It stands for Saving on a Valuable Education.

0:48.2

Some of its benefits begin this summer and others in July 2024.

0:53.1

This show will review seven benefits of the SAVE program, ways to manage student loans

0:58.8

wisely, and how those loans affect your credit.

1:02.5

So whether you're a student or a parent shopping for student loans, getting ready to start

1:08.4

repaying your loans, or are pretty worried that you can't afford to pay them, don't miss

1:15.2

this episode.

1:16.2

Hey friends, welcome back to the Money Girl Podcast.

1:19.6

I appreciate you downloading the show.

1:21.8

If you're new here, I'm Laura Adams, an award-winning author who's been bringing you personal

1:27.0

finance and small business tips every week since 2008, with over 40 million downloads.

1:33.6

When I'm not behind the mic, I'm also a keynote speaker and work with select brands doing

1:38.7

on-camera and writing work, as a spokesperson and consumer advocate.

1:43.4

So feel free to reach out if you're interested in collaborating for a speaking event or PR

...

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