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Top 5 Things to Know Now About Student Loans!

Top 5 Things to Know Now About Student Loans!

August 13, 2021
1.On August 6, 2021, the U.S. Department of Education announced a final extension of the student loan payment pause until January 31, 2022.

2. Private student loans may not be eligible. Check with your loan service provider.

3. If you are on an income-driven repayment plan (IDR) and your income has increased, wait to re-certify your income. If your income has gone down, re-certify sooner to have a lower payment.

4. Keep in mind if you are married and you file jointly, then both incomes are included in the income repayment calculation. *
If the spouse with the lower income has the student loan, consider filing separately.
Always seek the advice of your tax preparer.
Keep in mind that if you have children you may lose some of the 2021 Child Tax Credits because of the updated regulations.

5. Check the most up to date changes and information here: 

* Contact your loan servicer online or by phone to find out what your payment amount will be when payments restart. Your loan servicer is your best source for official, up-to-date information about your loan.

Charlotte Geletka is a registered representative of Lincoln Financial Advisors Corp. Securities and investment advisory services offered through Lincoln Financial Advisors Corp., a broker-dealer (member SIPC) and registered investment advisor. Insurance offered through Lincoln affiliates and other fine companies. Silver Penny Financial Planning is a marketing name for registered representatives of Lincoln Financial Advisors Corp. Lincoln Financial Advisors Corp. and its representatives do not provide legal or tax advice. You may want to consult a legal or tax advisor regarding any legal or tax information as it relates to your personal circumstances. Thanks for your attention. 2970 Clairmont Rd. NE, Suite 655, Atlanta, GA 30329 (770) 962-2082