{"type":"video","version":"1.0","html":"<iframe src=\"https://www.loom.com/embed/cf88528bb2104f2cbc0abcd36920ca29\" frameborder=\"0\" width=\"1280\" height=\"960\" webkitallowfullscreen mozallowfullscreen allowfullscreen></iframe>","height":960,"width":1280,"provider_name":"Loom","provider_url":"https://www.loom.com","thumbnail_height":960,"thumbnail_width":1280,"thumbnail_url":"https://cdn.loom.com/sessions/thumbnails/cf88528bb2104f2cbc0abcd36920ca29-00001.gif","duration":183.42,"title":"Important Update on Student Loan Repayment 💼","description":"Good morning! I hope you're enjoying the Fourth of July holiday week. I wanted to send this message to inform you about the recent Supreme Court decision regarding the Biden administration's bid to cancel up to $20,000 in federal student loans. Unfortunately, the court did not approve the cancellation, which means that interest on student loans will start accruing from September 1st and payments will resume in October. In this video, I will provide you with important information on what you should do now. It's crucial to log in to your student loan provider and ensure that your personal information and balances are accurate. I will also share an article with detailed instructions on various methods to cancel student loans, including income-driven repayment and public service loan forgiveness. Additionally, I will discuss the Department of Education's proposed new income-driven repayment program called SAVE, which will be rolled out later this year. If you're unable to start making payments in October, don't worry. The Department of Education is offering a one-year grace period during which missed, partial, or late payments will not negatively impact your credit or result in loans being sent to collection agencies. However, it's advisable to make payments if you can, as interest will continue to accrue. Please note that missed payments during this transition period will not count towards loan forgiveness under any income-driven repayment plan or public service loan forgiveness. Lastly, I want to remind you that parent PLUS loans are not eligible for income-based repayment but can be considered for income-contingent repayment plans. Now is the time to start budgeting for these upcoming payments. One suggestion is to make payments now to a savings or money market account so that you have a buffer of two to three months when payments restart in October. If you or your children are affected by these changes, it's crucial to schedule a call with us to explore if you can benefit from an income-driven repayment plan or any of the student loan forgiveness programs. Let's be prepared and proactive in managing our finances."}