October 2024, Student Loan Updates
There's a lot going on in the student loan world right now so we wanted to reach out and give you an update on how things are going.
tl;dr - Federal Payments have resumed, so make sure you're in the right plan for you.
Interest rates have dropped, which might present an opportunity for you to re-finance your debt, especially any high cost loans you have - student or otherwise (more on this inside).
One of our non-profit partners Neighborhood Trust is offering free financial coaching to help you navigate this all.
Federal Student Loan Repayments Resume
After a prolonged pause, full payments on federal student loans are back in action. If you haven't already, it's crucial to review and sort out your payment plans with the federal government.
Ensure your plan aligns with your current financial situation to prevent unnecessary strain. If you're unsure which plan suits you best, we put together a few guides on how to think about it.
We assume this is a big shock for many of you, and as such it's vital to reassess your budget and adjust accordingly.
Our Guide to understand repayment on your Federal Student Loans.
Our Guide to Federal Student Loan Forgiveness.
Interest Rates Take a Dip
In a surprising move, the Treasury has reduced interest rates, creating ripples across different forms of debt.
This is the first time rates have dropped in several years, which may have a trickle down effect on the cost of all forms of debt. So, if you took out a high-interest rate loan in the past few years, it may make sense to start considering your options.
This change could be a game-changer, especially for those holding student loans. Lower interest rates present an opportunity to explore refinancing options, potentially lightening your financial burden.
Free Financial Coaching with Neighborhood Trust and Trust Plus
We understand that all of this is a lot to understand. So, we've partnered with Neighborhood Trust to offer free financial coaching through their Trust Plus Platform.
Neighborhood Trust is a non-profit organization dedicated to providing financial education and coaching services to individuals and families in need. They can help you navigate the complexities of student loans, refinancing options, budgeting, and more.
Don't hesitate to schedule a session with one of their experts if you could use some guidance during these uncertain times. For more information please go here.
Also, they are looking for people to help them pilot a new initiative to manage other forms of high cost debt. Specifically, credit cards and Auto Loans.
If you're interesting in learning more about how to lower your car payments, please visit them here.
If you're interested in learning more about how to consolidate your credit card debt, please visit them here.
If you have any questions about any of the above, please don't hesitate in reaching out.
Pay off your Debt Faster with ChangED App
ChangED – A Smarter Way to Tackle Student Debt
A.M. Money is here to help you pay for college without sacrificing your financial future.
This starts with our core no-cosigner Student loan program, and partnerships such as CUSelect, and others.
As we get into the summer, and go into the fall we’re going to be talking about other non-loan specific partnerships, tips and tricks we’ve learned over the years that we think can help you in your financial journey.
As such, we’d like to introduce you to the ChangED app. We don’t have any sort of commercial partnership with them. We just think its something you should know about it.
Endorsed by Shark Tank and backed by Mark Cuban, ChangED is an innovative application that aims to help you #DoDebtDifferently!
What is ChangED?
ChangED is a ground-breaking app designed to eliminate your debt efficiently while helping you build saving goals. With the ability to link all your loans in one easy-to-use application, ChangED empowers you to establish effective repayment strategies based on your personal debt and spending habits. The app then helps you save in small increments, applying these savings towards your financial goals or your debt, thereby allowing you to cut down the debt repayment time significantly.
How Can ChangED Help You?
Set Savings Goals – Pay Off Debt Automatically
With features like Stash My Cash and Payoff, ChangED enables you to set realistic saving goals and accelerates your debt repayment. It's as simple as making everyday purchases and setting up scheduled transfers in line with your budget. The app uses the spare change from your transactions to help you reach your savings goals and pay off your debts faster.
Track Your Progress – With Automated Solutions
ChangED makes the journey to financial freedom seamless and straightforward. By eschewing the need for refinancing or credit checks, the app automates your savings and payments towards your debt while simultaneously keeping you informed about the amount of interest you save with each penny you direct towards your debt. Now, you can save thousands in interest and become debt-free years earlier than you ever imagined.
Join a Thriving Community – Save Millions Together
To date, ChangED has helped its member base repay over $80 Million in debt. It's not just about the numbers though - our members love us! By joining ChangED, you'll get access to a supportive community committed to financial empowerment, paving the way towards a debt-free future.
Taking control of your financial future has never been easier. With ChangED, say hello to smart saving, faster loan repayments, and ultimately, a debt-free life. Remember, the sooner you start, the better. So, sign up today, and let's bid a heartfelt R.I.P. to Debt!
Student Loans and Credit Unions: Our partnership with CUSelect
As a part of our aim to get people into the best student loans for them we have partnered with CUSelect to offer student loans for both In-school Private Student Loans and student loan refinance from hundreds of non-profit credit unions across the country.
With CUSelect, you can easily find and connect with credit unions that offer student loan products tailored to your needs. Their platform simplifies the process, making it easier for you to explore and compare options.
Why Choose a Credit Union?
Credit unions operate to serve their members and communities. One way they do that is by promoting thrift and offering competitive rates with a focus on the best interest of the borrower – in this case students. When you choose your credit union to pay for college, you’ll benefit from great rates, low fees, convenient repayment terms, and most importantly, a life-long relationship with a lender you can trust.
Credit unions offer unique benefits that could make them an excellent choice for your student loan needs:
Competitive Rates: Credit unions often provide lower interest rates compared to traditional banks, helping you save money over time.
Personalized Service: Credit unions are known for their member-first approach, ensuring you get tailored advice and support.
Flexible Terms: Enjoy more flexible repayment terms that can be adjusted to fit your financial situation.
If you have any questions or need further assistance, don't hesitate to reach out. We're here to help you make the best financial decisions for your education.
Have Questions about Student loan Repayments? Join us on July 1st for a webinar on the topic
We invite you to join us on July 1st for an exclusive webinar session where we will delve into our detailed guide covering student loan repayment strategies.
This webinar is tailored for recent graduates, parents seeking information, and current college students looking for guidance in managing their student loans.
Our founder Daniel Rogers wil be available to address any inquiries you might have and assist you in understanding the nuances of student debt management.