Student loan repayment is resuming. Here's what you need to know

Life Kit

NPR

Education, Kids & Family, Self-improvement, Business, Health & Fitness

4.5 • 4.9K Ratings

🗓️ 29 August 2023

⏱️ 14 minutes

🔗️ Recording | iTunes | RSS

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Summary

The three-year federal pause on student loans is expiring soon. If your financial circumstances have changed, or you just need an explanation of the many payment plans out there, here's a refresher course on how to pay off your student debt.

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Transcript

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0:00.0	You're listening to LifeKit from NPR.
0:07.0	Hey everybody, it's MaryL.
0:09.5	Today we're doing a deep dive on student loan debt.
0:12.7	For two reasons.
0:13.8	One, the federal pause on student loan payments and interest
0:16.9	is about to end.
0:18.1	So on September 1st, the interest starts accruing again
0:21.0	and on October 1st, people will have to start paying
0:23.5	their loans back.
0:25.2	Two, with all the jargon and the repayment plans
0:28.2	and the options for loan forgiveness,
0:30.5	this topic gets really confusing.
0:33.4	I remember as a first-generation college student,
0:36.1	when I took on student loans at age 17,
0:38.8	I didn't think too much about them
0:40.3	or even understand how they worked.
0:42.9	And then right before graduation,
0:44.5	we had this assembly where you show up
0:46.5	and they do this mind numbing PowerPoint presentation.
0:50.1	And then you leave with an arm full of paperwork
0:52.5	and no clue what to do next.
0:54.8	I'll wind up you on the exit counseling thing.
	...

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