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If you’ve got federal student loan debt—and 45 million Americans do—the pause on repayment has offered respite, but also uncertainty while awaiting specifics on the path forward. Here’s what we know:1
For many, student loan payments can be a significant bill to pay each month—the average student borrower pays $300 per month on undergraduate student loans.2 Graduate and professional school loans can make monthly loan payments even steeper.
While the pause on repayment has been helpful for many, and the newly announced loan forgiveness offers more relief, there will come a day for many when loan payments will be required again. Here’s how you can prepare in advance.
Exploring all of your options and making sound decisions about student loan debt can make a big difference over the life of a student loan. If you have access to Goldman Sachs Ayco through your employer, your Financial Wellness coach can help you develop an approach that works for you. Billy, who’s been a Financial Wellness coach for four years, shared this story of helping a client refinance her student loans
“I spoke with a client who recently graduated with significant student loan debt. She'd only been working for a month when we first spoke. On our first call, we worked through her spending and debt. I encouraged her to explore options for refinancing her private student loans to potentially lower her interest rate and payment which could help kick-start her finances. I let her know an easy place to start is on our Marketplace, where there are curated solutions available.”
“She found an option that cut her loan interest rate in half, freeing up over $500 per month.”
You made an investment in yourself with your education. Now make sure you have a plan in place to pay your loans back.
If you have access to Goldman Sachs Ayco through your employer, connect one-on-one with your Financial Wellness coach to understand and maximize your options. Your discussions are completely confidential and there’s no cost to you.
Advisory services offered by The Ayco Company, L.P. d/b/a Goldman Sachs Ayco Personal Financial Management (“Ayco”). Brokerage services are offered through Goldman Sachs & Co. LLC and Mercer Allied Company, L.P. (a limited purpose broker-dealer), both affiliates of Ayco and members FINRA/SIPC.
Updated for tax year 2020