What's the number one fear in people who have student loans?

The fear I think is it really gets real for them when they're trying to enter into the real world and be productive citizens.

Like when we think about things like home buying, this is where student loan debt shows up most.

When we think about things like, "Oh, I wanna have good credit," or good credit becomes all of a sudden important.

And, and, and I know just depending on who's watching and listening, they may say, "Well, it was always important to me growing up," but everybody wasn't raised that way.

And so you find out when you find out that your student loan is the size if not more than a traditional mortgage.

And so when you go to buy a home, they'll say, "Well, Rashawn, you already have a mortgage.

... and how does that conversation happen? You kind of talked about it a little bit, but let's h- let my audience hear the process.

No.

Okay.

No, so July 1st, everyone, and I mean everyone that has a student loan was supposed to go back into repayment.

But there was a lot of pushback by this administration that was received that said, you guys didn't notify us properly, right? So there weren't enough emails.

There weren't any commercials.

So now they had to go back in and literally send an email that said, notice one, notice two.

And now they have to be prompt as to what notices they're sending out.

just remember student loan doctor sld class

What's the number one fear in people who have student loans?

The fear I think is it really gets real for them when they're trying to enter into the real world and be productive citizens.

Like when we think about things like home buying, this is where student loan debt shows up most.

When we think about things like, "Oh, I wanna have good credit," or good credit becomes all of a sudden important.

And, and, and I know just depending on who's watching and listening, they may say, "Well, it was always important to me growing up." But everybody wasn't raised that way.

And so you find out when you find out that your student loan is the size, if not more, than a traditional mortgage.

And so when you go to buy a home, they'll say, "Well, Rashawn, you already have a mortgage.

... and how does that conversation happen? You kind of talked about it a little bit, but let's hit, let my audience hear the process.

the, where do you go? What's the first starting point?

First, I would go to studentaid.gov.

I would go to my loan details.

I would confirm the type of loan that I have.

I would just make sure I understand who my servicer is.

I would then, I would check my repayment plan.

Does it say SAVE? Does it say I'm in default? What kind of plan do I have? I would even look under my, uh, repayment status.

... over the next few weeks?

So are you saying as of July 1st, that is back on as well?

Yeah.

So here's the thing about default loans.

This is a chance for people to clean them up before July 1st by going through, uh, rehabilitation.

Sometimes they can use consolidation.

I don't speak about consolidation a lot because, yes, it's a quick fix, but it gives you a permanent record on your credit report and your student loan report for up to seven years, and it just really will jam you up.

So you wanna go through what we call rehabilitation.

Mm-hmm.

So are you saying as of July 1st, that is back on as well? Yeah.

So here's the thing about default loans.

This is a chance for people to clean them up before July 1st by going through rehabilitation.

Sometimes they can use consolidation.

I don't speak about consolidation a lot because, yes, it's a quick fix, but it gives you a permanent record on your So anyway, when you submit this worksheet over, Now, it's the collection agency job to say, OK, based off of what you say you earn and then what you say your expenses are, it is then your job to say, hmm.

OK, their job, excuse me, to say, hmm, Mimi, it looks like she's only able to afford a $50 payment.

And you want to get the payment to be as low as possible, as low as, it can go down to as low as $5.

Comment vont ces parents être impactés par ces changements maintenant ?

Can you explain that?

Well, programs like the SAVE plan, let's start there, S-A-V-E, the SAVE plan is gone for sure.

And I know that there was some debate if it would come back, but Congress officially allowed it to be ended.

Now, it ended before it officially started.

So what's happening is there are about 7 million people, Mimi, that think that they're in the SAVE plan.

They could even log into studentaid.gov and they might even see that they're still in the SAVE plan.

But as of July 1, it's going to be a hard switch.

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Can you explain that?

Well, programs like the SAVE plan, let's start there, S-A-V-E.

The SAVE plan, um, is going for sure, and I know that there was some debate if it, if it would come back, but Congress officially allowed it to be ended.

Now, it, it ended before it officially started, so what's happening is there are about seven million people, Mimi, that, um, think that they're in the SAVE plan.

They could even log into studentaid.gov, and they may even see that they're still in the SAVE plan.

But as of July 1, it's gonna be a hard switch.

People are either gonna be put into what's called the standard plan or the alternative repayment plan, and both are unaffordable and do not count towards, uh, IDR forgiveness, which stands for income driven forgiveness.

[laughs]

But they've gotten so complicated.

I would love for you to sit in on a class that I do.

I do it every Monday night.

It's free.

We log into studentaid.gov. And you're on your screen.

I'm on my screen.

Sometimes we get a volunteer.

How do people do that?

But they've gotten so

complicated.

I would love for you to sit in on a class that I do.

I do it every Monday night.

It's free.

We log in at studentaid.gov. And you're on your screen, I'm on my screen.

Sometimes we get a volunteer and I'm just literally walking through the portal.

How do people do that?

out to Philly.

But at the time, it was so bad.

It was all this violence.

And I was like, I got to stay.

And I told everybody that would listen my story.

So I did get a full ride as a result of it.

Now, fast forward.

Yeah.