Which student loan repayment plan is right for you - EXPLAINED!

Which student loan payment plan should you choose? Is the new SAVE student plan right for you or should you go with the 10 year, standard student loan payment plan?

This is your ULTIMATE GUIDE TO STUDENT LOAN REPAYMENT PLANS in 2023!

In this video I explain all eight student loan repayment plans according to who they are best for! (Standard repayment plan, Extended Repayment Plan, Graduated Repayment plan, SAVE payment plan, IBR payment plan, PAYE repayment plan, ICR repayment plan, and ISR repayment plan)

Links mentioned:
⭐ Student Loan Simulator to calculate your student loan payments:

🎁 DOWNLOAD MY STUDENT LOAN CHEAT SHEET THAT GOES OVER 13 DIFFERENT FEDERAL STUDENT LOAN FORGIVENESS PROGRAMS 🎁

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Ms. Moody - former librarian, current financial feminist, and money educator.

Wanna read a good money book for beginners?
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"Dumb Things Smart People Do With Their Money" by Jill Schlesinger:

Thanks for watching!

Heads up: All the content is for educational purposes only. Ms. Moody is not a licensed financial advisor; she’s a librarian, money nerd, and educator. As personal finance is personal, to find out what is best for you, consult a financial professional. Users are solely responsible for any actions they take.

This video is protected under US Copyright law. If you would like to reuse any of it for your own work, you must have explicit permission from the creator (Ms. Moody). Please contact me for permission before using any part of the video.

Chapters:

00:00 - 1:00 - intro
1:01 - 1:50 Plans not based on income
1:51 - 2:44 Who should uses the standard student loan repayment plan
2:45 - 4:24 Who should use the graduated or extended repayment plans
4:25 - 5:57 Income driven repayment plans basics
5:58 - 7:47 Discretionary income, SAVE vs IBR
7:48 - 8:20 Problem with SAVE plan
8:21 - 8:42 Best plan for PSLF
8:43 - 9:08 Parent PLUS loans and ICR
9:09 - 10:07 If you have Stafford and FFEL loans
10:08 - 11:00 Problem with IDR plans and what you should do right now

[LoreleiWakefield]

Thank you for laying this all out so clearly and for making a cheat sheet! It really helps when you say generally who should choose which plan.

[kassduhhh]

This was extremely helpful! I was having a hard time navigating through all these options and this made it a lot more simple 🙌

[mjroxmysox]

Thank you for your videos!!! I swear they make this stuff confusing on purpose

[veronicamahathre]

THANK YOU! It’s so hard to navigate all these plans and what’s best for our ultimate goals. I learned so much more from you than reading that financial aid website. I have liked and subscribed!

[hienienguyen]

I just submitted the form this is what i needed to know

[Abcdefghiish]

Who else is still confused ?
She did a wonderful job explaining them but I feel like my brain cant take all this right now 😢

[amandahewittdesign]

You are amazing! I am well versed, but the all the changes are SO are to keep up with.

[jackieschram]

oh wow thank you so much for laying all this out. They should hire you. SO HELPFUL!

[chillbrunchgirl]

I actually paid off my student loan during July 🎉

[helloalex]

thank you for this video!! with save- can you make higher payments to pay the loan off before the 20 years? i want to make higher payments than the calculated monthly amount but want to have a lower monthly payment requirement in case i cant make the higher payments on the 10 year plan. also, do you do personal counseling sessions?

[jeweljohn]

Hi! I am so confused. I want to do the Save plan. I have direct and indirect sub and unsub loan. I also have Stanford sub and unsub loan..in order to do save plan, I have to condosoliate my loan into one? Do I do direct sub or unsub? How this works? Is it good to consolidate? I have 80, 000 remain to pay. Please advise

[queenev]

I wanted to know more about the icr for parent plus loan. my mom is a housekeeper and on icr the monthly is $0-56 a month.

[helmitrabelsi]

Thank you for the detailed explanation, ! what if my income increases or decreases over the years will that change my monthly payment under the save plan?

[longd]

Wonderful video, thank you for this!! Subscribed and liked. Question about family size. When student applies FAFSA at 17 as a family of 4 (mom, sisters, and student) goes the 4 years and now he is 22 yrs and not living home, does his family size now change to 1 for purposes of AGI ?

[egary]

my loans are consolidated and have been for a long time. I was originally on a 30 year payback plan. the 20 year loan mark is Nov 2024 for me. My loan balances are at $15k @2.7%[it was a good year for interest]. the save plan calculator says I will payoff the full value before the 20 year mark if I switch now because the payments will be 1, 600/mo. under a standard plan i would pay 270/mo.

So... my plan is to stay on standard[or graduated] for another 13 months [paying as little as possible since I'm so close to 20 years] then switch to SAVE right at the 20 year loan date and have the 20 year forgiveness almost immediately. Have I understood everything you've said correctly that I can actually do this?

[lilyannanieva]

Could you explain a 7 year repayment plan for a private loan? Is that similar to the fixed rate of a 10 year plan?

[TommieMarie]

I think I want to do the SAVE plan but I’m not sure if making large payments will somehow disqualify me. I want the lowest payment possible just in case (I only have $13, 600 left) but even if my payment is like $200 I want to make like $500-$1000 payments every month. Do you think that is smart? All my loans are direct undergrad. My goal is to be student loan free within the next year.

[SiouxCityWeather]

Hi what should we do now that the court blocked SAVE again?

[happysweetnestllc]

Can you pay off the SAVE loan after 4 years or so? Can you change the save loan to regular loan after 4 years? If we change it to regular type loan what would happen to the interests accumulated for 4 years ?

[El_Nino_VFL]

How do you calculate discretionary income??? A little confused