Get ready for a budget shock, writes Terry Savage.
Get ready for a budget shock. You knew it was coming — the onset of student loan repayments. But did you realize what a dent it was going to make in your budget? A new study just released by the credit bureau TransUnion has details. And it shows that the burden of resuming debt payments may be the straw that derails the Fed’s soft economic landing.
This new regulation issued by the Department of Education is based on the previously authorized statute for income-contingent repayment plans. They are starting to automatically transfer borrowers enrolled in REPAYE into this new plan. Or you can apply now.
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