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Trump administration begins sweeping layoffs with probationary workers, warns of larger cuts to come; NYC music school teachers strike after union negotiations break down; Ohio advocates push for inclusive policies during Black History Month; Health experts recommend sunshine, socializing to cure 'winter blues.'

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Federal workers tasked with securing elections from foreign interference are placed on leave, parents' organizations reject dismantling Dept. of Education, and the Congressional Black Caucus presses discussions on slavery reparations.

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Rural America struggles with opioids and homelessness in unexpected ways, Colorado's Lariat Ditch could help spur local recreation, and book deliveries revive rural communities hit by Hurricane Helene.

Expert provides student loan repayment tips for Tennessee grads

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Friday, July 19, 2024   

Tennesseans who graduated from college this summer may be celebrating now but they have also just joined the millions of Americans facing student loan repayment, as their six-month grace period ends soon.

Volunteer state residents owe $31.9 billion in student loan debt.

Brian Walsh, head of advice and planning at SoFi, a personal finance company, recommended proactive budgeting and emphasized the importance of treating the loan payment as a nonnegotiable expense.

"Build your budget as if you have that payment," Walsh suggested. "Maybe you make payments when you don't have to, maybe you throw it in a checking savings account, whatever it may be, build that budget accordingly. And then, figure out the best approach for you when it comes to paying back your student loans."

According to EducationData.org, about 13% of Tennesseans, or more than 891,000 people, have student loan debt, with an average of more than $35,000.

Walsh pointed out college students who struggle with loan payments have multiple options for reducing costs, including processes like consolidation and refinancing.

"Consolidation is through the federal government, where essentially you would be combining 1, 2, 3, 4, 5, however many federal student loans you have and it makes one payment, makes things easier," Walsh explained. "You can adjust the repayment terms so you can lower your payment, but your interest rate isn't going to change."

The SAVE program, which is an income-driven repayment plan for federal student aid, remains in effect, as approved by the courts. Students can still sign up for SAVE, choose other income-driven repayment options, or consolidate their loans, according to the government website StudentAid.gov.

Support for this reporting was provided by Lumina Foundation.


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