LOUISVILLE, Ky. (WDRB) -- The Louisville Financial Empowerment Center is helping student loan borrowers manage their payments.
Millions of Americans must start repaying their federal student loans again in October, with monthly payments averaging hundreds of dollars. The Supreme Court in July rejected a plan by President Joe Biden's administration to wipe away $400 billion in student loan debt.
According to a news release Monday, FEC financial counselors were trained by the nonprofit Student Borrower Protection Center on how to manage student loan repayments.Â
"We spent a lot of time learning how to prepare clients for what’s about to happen," financial counselor DeShawn Manning said in a news release. "We talked about what those changes were and then how to incorporate those payments back into their budgets."
The SAVE, or "Saving on a Valuable Education," plan allows borrowers to make lower payments based on a percentage of their discretionary income. If borrowers have an outstanding student loan, they can check the status by clicking here.
Louisville student loan borrowers can make a free, one-on-one appointment with the Financial Empowerment Center by accessing the online appointment portal by clicking here or calling 502-585-4622, ext. 6.
The Public Service Loan Forgiveness program is one of several avenues for relief still available to many with student debt. After Biden's original plan for forgiveness was struck down by the Supreme Court in July, the White House has said it will use the Higher Education Act to bring cancellation to more borrowers. It's currently undergoing a process known as "negotiated rule-making" to determine the details of that plan.
Other sources for relief for borrowers include: false certification, borrower defense, closed school, total/permanent disability discharges, and alternate repayment programs like income-driven repayment.
Related Stories:
- Federal student loan payments are starting again. Here's what you need to know
- Borrowers are reassessing their budgets as student loan payments resume after pandemic pause
Copyright 2023 WDRB Media. The Associated Press contributed to this report. All Rights Reserved.
