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There are three things that are certain in life – taxes, death and student loan payments. Let’s talk about student loans.
Student loan payments may be kicking back in next month after 25 months of reprieve. I say maybe because Uncle Joe and Congress seem like they are cooking up something.
We’ve all had a grace period of 0% interest so our balances have remained steady. That may no longer be the case starting in May. The government — like that friend who you borrowed money from — is coming to collect their coin. I’ve been having conversations with new clients, and if I see they have student loans, one of my questions is, “What type of repayment plan are you on?”
And I am met with a blank stare.
Knowing your repayment plan type is crucial. I mean crucial like making the perfect pan of Mac and Cheese during the holidays.
Here’s a list of the types of plans if you have federal student loans.
Because there are several repayment options to choose from, understanding which one is right for you can save you a lot of time and money. You should consider three factors when thinking about your plan:
1. What type of loan you have
2. How much you owe
3. Your current financial standing
Listen, who knows what will happen with student loans in the coming months? However, let’s not leave your finances to chance. It’s better to be prepared than not to be.
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Rianka R. Dorsainvil, CFP®️ is the Co-Founder and Co-CEO of 2050 Wealth Partners a virtual, fee-only comprehensive financial planning firm dedicated to serving first-generation wealth-builders, entrepreneurs, and thriving professionals. Rianka also hosts 2050 TrailBlazers, a podcast aimed to address the lack of diversity in the financial planning profession by engaging industry experts and leaders in conversation.
As an award winning successful, millennial Certified Financial Planner professional, Rianka offers a unique perspective not only on the current state of the financial service industry, but on how to stay relevant in an ever-changing world.
Rianka serves as a member of CNBC’s Digital Financial Advisor Council and CFP Board’s Diversity Advisory Group, is a Forbes Personal Finance Contributor, and has been recognized for her accomplishments and leadership within the industry by leading publications and organizations such as Investment News’ inaugural 2017 Women to Watch Rising Star and Wealth Management’s Ten to Watch in 2018. She has been published in PBS NewsHour, Forbes, USA Today, Black Enterprise, CNBC, Women’s Health, and more.