Many of you may be wondering how the new tax bill will affect your student loans. The good news is that it’s not going to change anything about when your loan payments resume, how interest starts again, or any other aspect of managing a student loan! However, some changes could affect what kind of repayment plan you’re eligible for. This blog post will discuss all these topics and give you some tips on how to stay on top of your debt from now until graduation day!
When do student loan payments resume?
The first thing you need to know is when your loan payments resume. For most people, this will be the day after they graduate or drop below half-time enrollment status. However, there are a few exceptions- if you’re on an approved leave of absence or have postponed your loans, then your payments will resume at that time. The good news is that you will have a six-month grace period before your interest starts accruing again.
After your payments resume, you’ll need to start thinking about your bills. The good news is that most of the same rules still apply- you can usually defer or forbear your loans if you can’t make the full payment. However, there are a few changes to the rules that you need to be aware of. For instance, the new tax bill eliminates some deductions that were previously available for student loan interest. You can read more about these changes on our website.
If you’re feeling overwhelmed by your debt, don’t worry! There are plenty of repayment plans available to you. In most cases, the standard plan is going to be your best option- but there are plenty of options if that doesn’t work for you! You can consider an income-driven repayment plan or a student loan forgiveness program. Our website has more information about these programs and how they could help with your debt from now until graduation day!
When will bills be due again?
Most student loans bills will be due again around the same time as last year. However, it’s always important to double-check your billing statement to make sure you’re aware of any changes. You can usually find this information on your school or loan servicer’s website.
If you won’t be able to make the payments, don’t worry! You can always defer or forbear your loans. This will allow you to postpone your payments for a certain amount of time, depending on the type of deferment or forbearance you choose. However, be aware that interest will continue to accrue during this time.
The last thing you need to worry about is student loan forgiveness. The new tax bill didn’t make any changes to this program, so it’s still available to you! However, the application process can be a little complicated. That’s why we have a whole team of experts who can help you through the process.
How can I prepare?
If you’re worried about how the new tax bill will affect your student loans, there are a few things you can do. The first thing is to check out our website for more information on exactly what changed and when it goes into effect! You should also double-check your billing statement to make sure that no changes have been made to any of the terms of your student loans.
Finally, you should consider applying for an income-driven repayment plan or a forgiveness program if you think that will help with your debt now and after graduation day! Our website has more information about these programs, as well as how to apply for them so you can stay on top of everything from now until the big day.
What if I won’t be able to make the payments?
If you won’t be able to make the payments, don’t worry! You can always defer or forbear your loans. This will allow you to postpone your payments for a certain amount of time, depending on the type of deferment or forbearance you choose. However, interest will continue to accrue during this time.
The last thing you need to worry about is student loan forgiveness. The new tax bill didn’t make any changes to this program, so it’s still available to you! However, the application process can be a little complicated. That’s why we have a whole team of experts who can help you through the process.
Is student loan forgiveness still possible?
Unfortunately, student loan forgiveness is not available for private loans. Federal student loans can still be forgiven through an income-driven repayment plan or a special forgiveness program, but that’s generally only if you work in certain public sector jobs. For instance, teachers and nurses are usually eligible to have the remainder of their debt forgiven after making ten years’ worth of payments, but it’s important to speak with one of our experts before you apply!
How do I decide on the right payment plan?
The first step is to consider how much money you can afford each month. With that number in mind, we recommend choosing a standard repayment schedule for your student loans unless another option would be more beneficial. Make sure to take any extra costs into account when you’re choosing a payment plan, such as how much money you’ll have to put toward interest each month.
How to apply for student loan forgiveness?
The application process for student loan forgiveness can be a little complicated, but we’re here to help! You can start by filling out our free debt assessment form. This will give us a better idea of your financial situation and how much money you could save with one of our programs. We also have a variety of resources on our website that can help you figure out which program is right for you. You can also call one of our experts at the number at the bottom of this page for more personalized assistance!
So, those are a few things to keep in mind as we head into 2018. We know that these changes can be a lot to take in, but don’t worry – we’re here to help! If you have any questions, don’t hesitate to call us at the number below or fill out our free debt assessment form. We’ll be sure to get back to you as soon as we can.
Don’t forget to check out our website for more information on the new tax bill, best student loan, and how to apply for forgiveness!
For more information about the new tax bill and how it will affect your student loans, visit our website! You can also call us at the number below for personalized assistance. There are a lot of things to consider when dealing with student loans- but the good news is that there’s plenty of help available. Our website has more information about these topics and how they could affect your debt from now until graduation day! We’re here for you every step of the way, so don’t hesitate to reach out if you have any questions!
