Which student loan repayment plan is right for you - EXPLAINED!

Which student loan payment plan should you choose? Is the new SAVE student plan right for you or should you go with the 10 year, standard student loan payment plan?

This is your ULTIMATE GUIDE TO STUDENT LOAN REPAYMENT PLANS in 2023!

In this video I explain all eight student loan repayment plans according to who they are best for! (Standard repayment plan, Extended Repayment Plan, Graduated Repayment plan, SAVE payment plan, IBR payment plan, PAYE repayment plan, ICR repayment plan, and ISR repayment plan)

Links mentioned:
⭐ Student Loan Simulator to calculate your student loan payments:
https://studentaid.gov/loan-simulator

🎁 DOWNLOAD MY STUDENT LOAN CHEAT SHEET THAT GOES OVER 13 DIFFERENT FEDERAL STUDENT LOAN FORGIVENESS PROGRAMS 🎁

Get the Cheat Sheet here: https://www.msmoodymoney.com/hello

🎁 GET THE AWESOME EMAILS! Be a Smarty Pants - Get my weekly emails full of actionable, useful tips and education so you can stop stressing about money and just enjoy your life! 🎁 (no spam, just the good stuff)

https://www.msmoodymoney.com/newsletter


Get the 1-MINUTE MONEY MOVES checklist that will help you save more, stress less, and get control
https://www.msmoodymoney.com/checklist

FILL UP ON GOOD KARMA BY GIVING THIS VIDEO A "LIKE"! Thank you from the bottom of my (ever-growing) Grinch-y heart.

Ms. Moody - former librarian, current financial feminist, and money educator.

Join the club to chat moolah with like-minded women - Scrimpin' Ain't Easy, just like the library, we're talking stacks on stacks on stacks. www.facebook.com/msmoodymoney/groups/scrimpin

Wanna read a good money book for beginners?
"The Index Card" by Helaine Olen and Harold Pollack
- Get it from your public library: http://www.worldcat.org/oclc/928750850
- Get it from Amazon: https://amzn.to/2Lm1iHv (To keep my videos free, this is an affiliate link meaning I may receive a portion of the purchase price - thank you for supporting this work!)
-Get it from a local bookstore: https://www.indiebound.org/book/97801

...Looking for a book a bit more advanced?
"Dumb Things Smart People Do With Their Money" by Jill Schlesinger:
- Get it at your local public library: http://www.worldcat.org/oclc/1140204982
- Get it from Amazon: https://amzn.to/2La9VUN (To keep my videos free, this is an affiliate link meaning I may receive a portion of the purchase price - thank you for supporting this work!)
- Get it from a local bookstore: https://www.indiebound.org/book/97805

Thanks for watching!

Heads up: All the content is for educational purposes only. Ms. Moody is not a licensed financial advisor; she’s a librarian, money nerd, and educator. As personal finance is personal, to find out what is best for you, consult a financial professional. Users are solely responsible for any actions they take.

This video is protected under US Copyright law. If you would like to reuse any of it for your own work, you must have explicit permission from the creator (Ms. Moody). Please contact me for permission before using any part of the video.

Chapters:

00:00 - 1:00 - intro
1:01 - 1:50 Plans not based on income
1:51 - 2:44 Who should uses the standard student loan repayment plan
2:45 - 4:24 Who should use the graduated or extended repayment plans
4:25 - 5:57 Income driven repayment plans basics
5:58 - 7:47 Discretionary income, SAVE vs IBR
7:48 - 8:20 Problem with SAVE plan
8:21 - 8:42 Best plan for PSLF
8:43 - 9:08 Parent PLUS loans and ICR
9:09 - 10:07 If you have Stafford and FFEL loans
10:08 - 11:00 Problem with IDR plans and what you should do right now