The Real Deal: Ways to help tackle student loan debt

Officials at the Institute of Student Loan Advisors say there are plans to help ensure all student loan burrowers have access to free, neutral and clear student loan advice and assistance.

News 12 Staff

Jul 14, 2023, 11:05 AM

Updated 273 days ago

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There are plans available to help tackle student loans as borrowers get set to resume payments following a more than three-year pause.
"There are about 514,000 student loan borrowers in the state of Connecticut, and the average balance is about $35,894, slightly below the national average," says Caleb Silver, of Investopedia.
Officials at the Institute of Student Loan Advisors say there are plans to help ensure all student loan burrowers have access to free, neutral and clear student loan advice and assistance.
"The next questions we are getting is what payment plan should I choose or what is my payment going to be?" says Betsy Mayotte, president and founder of the Institute of Student Loan Advisors.
Mayotte says if you are worried about making payments the new SAVE plan may help.
"They are basically altering a plan that's a lot more generous," says Mayotte. "It's not going to lower everybody's payment if your income is the same or higher than your loan balances. Chances are your payment isn't going to get lower under any of the income driven plans including the SAVE plan."
The Biden administration says it is working on a broad loan forgiveness measure.


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