How the Income-Driven Repayment Waiver Can Help Student Loan Borrowers Get Closer to Forgiveness w/ Lauryn Williams

Episode Number: 379

Episode 379: How the Income-Driven Repayment Waiver Can Help Student Loan Borrowers Get Closer to Forgiveness w/ Lauryn Williams

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This week on the Journey to Launch Podcast, I am sharing a conversation I had on IG Live with Lauryn Williams from Student Loan Planner. Lauryn provides crucial information for student loan borrowers about the Biden administration’s Income-Driven Repayment (IDR) waiver for federal student loans, which can significantly impact loan forgiveness eligibility. The steps to take include: understand your loan type, consider consolidation, and take timely action before June 30, 2024 which is the deadline to maximize benefits. 

In this episode, Lauryn shares: 

  • What is the IDR Waiver and how it can help student loan borrowers get closer to forgiveness
  • Why borrowers with Federal Family Education Loan (FFEL) loans or those with multiple loan types should consider consolidation to benefit from the IDR waiver.
  • Where to go to see your loans and determine your next steps 
  • How to stay informed about your loans and any future opportunities for forgiveness or adjustment if you miss the deadline + more.
Episode 379: How the Income-Driven Repayment Waiver Can Help Student Loan Borrowers Get Closer to Forgiveness w/ Lauryn Williams Share on X

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Lauren Williams 0:02

The IDR waiver is going to help you get student loan forgiveness faster. Let's just say you have not had a long history of paying your loans, but you still want to get forgiveness. They're going to count time periods where you are maybe not paying your loans, and get you closer to forgiveness. So you want to sign up for a plan that is eligible for forgiveness by doing this IDR waiver piece of the puzzle. T minus

Speaker 1 0:25

10 seconds, welcome to the journey to launch podcast with your host Jamila souffrant as a money expert who walks her talk. She helps brave journeyers like you get out of debt, save, invest and build real wealth. Join her on the journey to launch to financial freedom. 54321,

Jamila Souffrant 0:52

hey, hey, hey, journeyers, welcome to the journey to launch Podcast. I'm so excited, so honored that you took the time to sit and listen to an episode of the journey to launch podcast. This episode is going to be a little bit different. Maybe you'll be able to tell or not when you actually listen to it. But I thought it was really important to share this on my podcast, because I recently did an Instagram Live with Lauren Williams of student loan planner and we talked about a very important topic, student loans, and how you can potentially get your student loans forgiven due to some circumstances and deadlines coming up. Basically, if you're a Student Loan Borrower paying back your federal student loans using an income driven repayment IDR plan, the Biden administration's IDR waiver, also known as the IDR account adjustment, is a big deal, so anytime you spent in repayment, and any periods of forbearance or deferment can now be counted toward the 10 year public service loan Forgiveness and the 20 or 25 year IDR forgiveness programs. Why is this important right now, millions of borrowers that might be you listening could see your balances wiped away if you take action by June 30. There's a June 30, 2024 deadline. And so student loan planner team reached out to do a live to educate my Instagram audience on what was going on, everything you need to know to see if you qualify. And I thought to myself, You know what? I need to make sure my podcast family hears this. Now I know that you know if you're listening to this in real time. Hopefully you can take action if this applies to you. But here's what I say, even if you don't know if this applies to you, you're listening to this after the June 30 deadline, I still think you should listen to the entire episode, because we do talk a lot about general loan information and the things you should know about your loans and what solutions and possible steps you can take next. Also, you just never know what deadlines or things may come up. And I really believe in being an inspector, being a detective in your life, following the breadcrumbs, clicking on the hyperlinks, like I say in my book, Your journey to financial freedom, where you are picking up on maybe words or information, and you're collecting them, you're researching, and it takes you somewhere else that helps you. So again, I think you should listen to this, even if it's past this June 30 deadline, and even if you don't understand or know if you this applies to you. Now, before we get started, I do want to just introduce who's going to be speaking? Who you hear the other voice on the podcast? Her name is Lauren Williams. Lauren is a certified financial planner, author, podcaster and motivational speaker and volunteer. Over a 12 year period, Lauren completed at the elite level in two Olympic sports, earning one gold and two silver medals. She is the first American woman to earn medals in both the Summer and Winter Olympic Games. After retiring from the sport, Lauren founded worth winning and turned her attention to helping young money makers win with their finances. She's also a part of the student loan planner team, where she helps people figure out their student loans. And I'm really excited to chat with Lauren. Lauren was actually on episode 57 of my podcast, so that was way back when, when I first started, and I'm so excited she was able to join this live, this Instagram Live that you'll hear. We tried to cut the audio so that it's clear and that you could still understand what's going on, even though we had recorded this conversation live. I plan to interview Lauren later this year. I think she has a really interesting story. I know she was already on the podcast, but she has made some changes to her life that I think would be interesting as a journey or to be inspired by and listen to. And so. Stay tuned for that. Now, more on information for the student loan, information that you might hear that will apply to you. I will leave some links in the show notes for this episode. So wherever you're listening to this, click on description or more information, and I will leave links that can help you get more information about what you're listening to. Also, if you believe, if you have a question, if you need one on one help, student loan planner does offer one on one consultations. And I've actually had Travis Hornsby, who is the founder of student loan planner, the company, on the podcast a couple times on Well, he was on episode 228, and he's very knowledgeable. And as you'll hear with Lauren, his whole team is very knowledgeable about student loans. And if you need help one on one, help and strategy for your student loans, which so many people are burdened by. I would recommend booking a consultation my affiliate link to talk to someone one on one to help you figure out these student loans is student loan.com/journey

to launch. I'll also leave that in the episode show notes. You hear us talk a little bit about their services in the conversation coming up, but wanted to drop that for you here. Now, without further ado, let's hop into this episode that's important that hopefully will help you get those student loans down, get them forgiven faster, and understand what to do, what strategies to take and make when it comes to getting out of debt quicker.

If you want the episode show notes for this episode, go to journey to launch.com or click the description of wherever you're listening to this episode in the show notes, you'll get the transcribed version of the conversation, the links that we mentioned, and so much more also, whether you are an OG journeyer or brand new to the podcast, I've created a free jumpstart guide to help you on your financial freedom journey. It includes the top episodes to listen to, stages to go through, to reach financial freedom, resources and so much more you can go to journey to launch.com/jumpstart

to get your guide right now. Okay, let's hop into the episode. Hey, hey, hey, journeyers. Hey, Lauren, hey, hey, hey, long time. No

See, I know. Okay, so let's tell everyone what we're doing right now. I'm really excited, but this was something that I thought was really important for me to do. But before we get started, I do want to introduce who I'm talking to. So I have on Lauren Williams. Lauren was actually on episode 57 of my podcast journey to launch, which is crazy, because that was years ago, Lauren, when I think I had, you know, I was very early on you were coming, like, starting your business, like in the new stages of it. So it's really exciting to reconnect again. So just a little bit about Lauren. Lauren is a guess what? Four time Olympian, three time Olympic medalist, winning silver a civil medal in the 2004 Olympics in the 100 meter dash, a gold medal in the four by four 100 meter relay in the 2012 Summer Olympics, and a silver medal in the 2014 Winter Olympics in the two women bobsled, making her the first American woman to earn a medal in the summer and winter Olympics. I just, I have to, like, give you props for that, because that's just amazing, and we are in the Olympic season. Hello, yes, yeah. But to also talk a little bit about where you are now, what you're doing. You retired from sports and started worth winning a virtual fee only financial planning firm to help millennials and professional athletes. Now you are working also with student loan planner to help people figure out their student loans, which is why you are on the call today. I'm excited because I wanted to talk about and really just have Lauren the expert talk about student loans and the IDR waiver, which will talk about what that is, and then how people can see if they qualify for it, because the extension deadline for IDR waivers, as I know it, is coming up to basically completion. So with that, Lauren, can you please start us off and kind of explain what the IDR waiver is, how that relates to student loans and why we should care about it.

Lauren Williams 9:21

Yes. So we've got a big deadline coming up. First of all, let's talk about like, what the IDR waiver is, period. Because we were like, what does this word even mean? So IDR is income driven repayment plan. If you have federal student loans, it's likely that you are on an income driven repayment plan. Now under that umbrella, you have four different options, pay as you earn. You have the Save plan, you have the new IBR plan, and then you have ICR as an option. So it's like, wait a minute, hold on. This is crazy. A lot of people just refer to it all as income based repayment. That is one of the payment plans under the income driven umbrella. So you got to be careful there, because there's different payment plans that are relevant now. Now, as it pertains to this IDR waiver, the Department of Education is basically saying, Hey, we made some mistakes over the years. We told you guys some wrong information. You called in, you said you couldn't pay your loans, and we put you on forbearance as an example. We want to right that wrong, because what we should have told you to do was get on one of these income driven plans, and your payment could have been as low as $0 because your income was low enough. So there's all these people that have all these periods of where they didn't pay their loans or they chose a different payment plan that was not tied to their income at all, because they were just looking for the lowest payment possible. So what the waiver is doing is saying, Hey, forget about all the things that happened in the past. We're going to count all of that time as repayment as long as you meet certain criteria. So criteria number one being you have direct loans, or your loans are held by the Department of Education. If you have FFEL loans, why is this important? You're like, What the What's the does? The differentiation here, Lauren, what's the wreck? What's FFEL? FFEL is loans that when you had prior to 2010 and they could either be federally held or they could be privately held. You know, your federal loans are privately held. If you did not get to take a break like everybody else did during covid, you are one of the main people that needs to take advantage of this June 30 deadline. June 30 is really important for you, because that brings your loans into the federal system and allows you to be able to get access to this IDR waiver for everybody else that's already in it, you might still need to consolidate. So maybe you already have the covid forbearance. You know, you have direct loans, you're eligible for the IDR waiver, but you might still consider consolidating, because they're going to give you the highest payment count for all the different loans you have. So let me break it down for why this might be relevant. You might have somebody who went to undergrad, for an example, then they took two years off, and did you know they worked at the Boys and Girls Club, then they went back to school and got a law degree? Well, those two things are happening on two different time frames. So if you're going for forgiveness, the forgiveness is going to happen on two different time frames. If you consolidate all those loans together now they're all on the same time frame. You're going to get those two years from before you even had the law school loans counted toward your 20 or 25 years for forgiveness overall. So there's a lot of little pieces of the puzzle related to this IDR waiver, right?

Jamila Souffrant 12:13

Okay? To step back and why this matters in the grand scheme of reaching financial freedom and financial independence, so to go back, there's an opportunity for people to still have their loans forgiven, correct, yes,

Lauren Williams 12:27

or get closer to forgiveness, because that's the other thing that's important. Is so many people are angry when they do one of these things that have come up, and they're like, my loan didn't disappear. Why? Why didn't they disappear? A lot of people are getting forgiveness, but a lot of people are getting closer to forgiveness because of this. So you might not get forgiveness tomorrow, but you might be three or four years ahead of where you would have been if you didn't do these things right now. Okay,

Jamila Souffrant 12:49

and again, IDR, we're talking about student loan, the forgiveness for your student loans, and the deadline to submit information is coming up on June 30. Or what does that deadline mean,

Lauren Williams 13:00

yes, that June 30 deadline is a deadline to consolidate in order to be eligible for this IDR waiver. So if you already have consolidated your loans, this is not relevant to you. If you already have the same payment account, you only have one set of loans. You only went to school for law school, for example, and all of your loans are all have always said the same thing, maybe not relevant to you. The people that's relevant to are, like I said, FFEL loans that are privately held. That means you didn't get a pause during covid. People who have different payment counts, so you have multiple different degrees, or, for some reason, the Department of Education just messed up and your payment counts are different. How can you see your payment counts? You really can't. Right now there's this ugly file that's on studentaid.gov called a txt file that we use at Student Loan planner to kind of deduce what your payment count would be. But the whole point of this is that they're actually going to be making a payment counter going forward, so that people are not confused about where they are as it pertains to forgiveness, which is one of the craziest things, is that all these people have been on these plans going for 20 or 25 year forgiveness and never known where they were in relationship to that 20 or 25 years now they will know that, though,

Jamila Souffrant 14:07

right right now, let's just go back to the importance of consolidation, because there were some from what I understood, also just some pros and cons previously about consolidating. So can we go through that for someone who is like on the fence and doesn't understand why consolidating is beneficial, or maybe why it's not

Lauren Williams 14:25

absolutely so first thing is that consolidating and refinancing are two different things. Refinancing is taking your federal loans out of the federal system and putting them with a private lender. So like Sofi, earnest comment bond, you probably get junk mail from all of those if you have student loans, some people refer to that as consolidating, because you do end up with just one loan, but that's taking your loans private altogether. Refinancing to get a better interest rate. Consolidating within the federal system is also something that had negative effects back in the past. So if you consolidated your loans, you wiped out all of your pay. In history, and you were effectively starting from day one. And this was really important for people say, for example, you worked at a public service place for three years. So you have three years of the 10 years you need for public service, and then all of a sudden, for some reason, you consolidate it. Well, you just wiped out the last three years of all that work you did to get closer to the 10 years, and now you got 10 years again. That's the reason so many people are afraid of consolidation. But it actually is not a bad thing. It's a wonderful thing now until June 30, and it's not going to be the worst thing in the world after June 30, but we gotta have a whole another live to talk about what happens July 1. So this does not wipe out your payment history, though. That is the key piece of the puzzle. It's actually gonna give you credit for all of your payment history in the past, which it didn't previously do, which is why this is so important. Now. What

Jamila Souffrant 15:45

about people who consolidated or refinanced before this? Can they re pull or get their information? Or that's kind of done, and it's starting kind of from scratch,

Lauren Williams 15:54

right? If you refinance and your loans are outside of the federal system, there's nothing that can be done. You have private loans, then the only thing you can do is pay them back. You might have got a nice low interest rate, but that's it. You're stuck that but if you've consolidated before and your loans are still federal, that means you log in to studentaid.gov, and you can see your loans there, then you are good to go. Your loans are already consolidated. They're already in the state. They need to be to take advantage of the IDR waiver.

Jamila Souffrant 16:20

Got it. Can you just clarify for me? Just a bit about you said, if people still have the private loan and federal loans, they can consolidate and explain that. No, you're right.

Lauren Williams 16:29

It is confusing, because the Department of Education has made it confusing. So there is a federally held FFEL loan, but it is held by a private company. So if you log into Student aid.gov you will see your loans. They're federal loans. However, they're being held outside by a private company, and you need to get those loans back into the Department of Education. It is completely mind blowing. You're like, Wait, it doesn't make sense. No, it does not make sense. These people are the ones that are going to most benefit from this IDR waiver, because they've just not been able to get all the benefits, because they're kind of beholden to the private company that their loans are held by, even though their loans are federal. And there's nothing that this person did wrong to get those FFEL loans. It's simply the time frame you borrowed. I saw somebody who borrowed in the 90s and had a direct loan, which is the best kind of loan to have, and I've seen most of the people borrowed in the 90s would have FFEL loans. So if you have really old loans, like I said, anytime before, 2010 you could have been given FFEL loans, and they could be privately held. Like I said, you're not getting the benefit of the covid forbearance. You weren't getting any of the other things that everybody was able to sign up for that you weren't like. You still have federal loans, though, get them into the federal system by going to Student aid.gov, and doing a consolidation. Okay,

Jamila Souffrant 17:45

so just like a first step for someone who knows they have loans, maybe some people are on it, and they they know exactly what you're talking about. I gotta admit, I'm very lucky to have paid off my student loans, so that's why I'm a bit off the loop. But I want to make sure that my journeyers and people watching this and listening to this have the information that can help them so they can go to studentaid.gov, that's where they can see all their federal loans and any FFEL loans they have, exactly.

Lauren Williams 18:12

And if you log in there and there is nothing that is, the likelihood is that you have private loans and you just have to pay your loans back. Okay? If there's something when you log into Student aid.gov then you are one of the people that need to look at like, what's my student loan situation and what do I need

Jamila Souffrant 18:29

to do next? Okay? And the and the significance of the june 30 date is that that is your deadline to consolidate in order to qualify for student loan forgiveness,

Lauren Williams 18:39

exactly, to qualify for the IDR waiver. The IDR waiver is going to help you get student loan forgiveness faster. So you might still qualify for forgiveness, but you're not going to qualify for immediate forgiveness. If you just borrowed three years ago. You still have to do 20 or 25 years, depending on what your situation is, so you're 17 years to go with your three years of credit that you have, but maybe you didn't do something, maybe you didn't pay for the last three years. Well, that covid is kind of that messes up my example, but let's just say you have not had a long history of paying your loans, but you still want to get forgiveness. They're going to count time periods where you are maybe not paying your loans, and get you closer to forgiveness. So you want to sign up for a plan that is eligible for forgiveness by doing this IDR waiver piece of the puzzle.

Jamila Souffrant 19:29

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we can probably have a whole pot like episode and long conversations about this, to help everyone define terms and all that. But can we talk about what helps qualify someone for loan forgiveness? And the type of you know, I know there's specific jobs that you can do that with and not I would love to just maybe briefly, give a quick overview for people who are really like, have not started the process, and need to be aware of what's going on and how they can get their loans forgiven.

Lauren Williams 21:23

Okay, so there are two types of forgiveness. There's the public service loan forgiveness, and then there's taxable forgiveness. What we've mostly been talking about here today, as it relates to this IDR waiver and this adjustment, are people that are going to get just a regular taxable forgiveness, Public Service Loan Forgiveness is much more known is a much more lenient program. So you work for 10 years at any qualified employer. So a 501, c3, or any government agency, whether that's city, state, federal, you could be a janitor. You could be the president of that company, as long as your w2 comes from a qualified employer, you are eligible for public service loan forgiveness. You need to have direct loans, which we talked about, kind of the difference between direct and FFEL. So this would be where you need to consolidate if you have FFEL, and then you need to be on an income driven repayment plan. So one of the four plans that I mentioned earlier, you need to be on one of those while making your 10 years worth of payments, everything is forgiven. You walk away scot free. Now, opposite of that, there's only a limited number of people that have those public service jobs. Everybody else is going to have to go for forgiveness over a 20 or 25 year timeline. It doesn't matter what kind of job you have, it only matters what is your income, and that's why this IDR waiver is so important, is that you might have been on a plan, let's say extended or graduated, that's not tied to your income at all, but it might have been the lowest payment for you initially, and you didn't get any credit toward income driven repayment or toward this taxable forgiveness that we're talking about. They're going to give you the credit for that time in the past, you know, say seven or eight years you go on that payment plan, they're going to say, Hey, you got eight years toward income driven and there's 20 years until you get your loans forgiven, so you got 12 more to go, and after that, 12 years is over, your loans will be forgiven. Now the caveat is that the government's gonna say we forgave $200,000 of debt that we took, but we're also gonna send you a 1099, in the mail, as if you earned $200,000 that year, and that's gonna go on your taxes. So a whole nother piece of this puzzle is saving up for the tax liability related to this forgiveness so that you can best be prepared for that as well. This is a good thing that you don't want to stick your head in the sand about, and that is what a lot of people do. You know, if you're a journey to launcher, then you're like, I got my budget together, I got my investments, I got this, I got this going. On, come on, parents like you got all these different pieces of the puzzle. This is yet another piece of the puzzle where you might not be optimizing your finances, which is why it's so important to get a plan in place. I just did a consultation for somebody earlier this week who had a $600 a month payment, and her payment went down to $200 a month based on the information I shared with her. So that's $400 every month, times 12 months, that's almost $5,000 a year that was being wasted. If we're trying to optimize our finances, then we don't want to be putting money towards student loans that we don't necessarily need to. If that could have been going into my 401, K or my brokerage account, or whatever it is that you want to do. So definitely be thinking about like this is a piece of my overall financial puzzle that I need to get figured

Jamila Souffrant 24:19

out. Yes, and it's so important. I know student loans for so many people, you know, it's astronomical, the size of a mortgage, and you don't, necessarily, always, you don't have the income to help pay that back, especially in today's economy, and with everything going on, your income is so stretched already thin. And of course, we want to live our lives. It's, you know, summertime,

so I think it's really important to research. I always say, if you're a journeyer, that it's all about being able to discern and make good decisions, and sometimes you don't always make the right decision. It doesn't always have to be optimized. But if you're hearing something that you think could apply to you, I do know. Um, personally, people who are really impacted by the payment of this student loan date, it's such a heavy burden. So it's really important for you to look

Lauren Williams 25:07

into this 100% and sharing is caring. So if nothing that I said was relevant to you specifically, I'm sure you know somebody with student loans. There are 44 million student loan borrowers out there. So tell a friend about this, because june 30 could come and go and they be left behind, and I have to have a consultation with them in July or August, where their situation could have been much more improved if they had just done this thing before June 30, they could have been on a better path. So time is of the essence,

Jamila Souffrant 25:33

and I do want to just say so for someone who does not take advantage of the june 30 consolidation deadline, I don't know. Can you maybe describe, maybe the tale of two people in terms of, and this is not even working with student loan planner. I'm not even talking about that right now. I'm talking about for someone who is not taking advantage of consolidating before June 30, and they can qualify. What is that like? Tale of two paths that they're on if they do and don't do it, just so someone can realize the big, the importance of this 100% so

Lauren Williams 26:04

let's just say, like I said, let's go back to saying you had undergraduate debt, and you took a break, you got out of school, and you worked for five years, then you went back and you got a secondary degree, you got some sort of graduate degree. You're not if you consolidate now that graduate degree is going to get the five years from your undergraduate, even though those loans didn't even exist. So you're five years closer to your forgiveness. Let's say you you're 20 years until forgiveness. So now you only have 15 years, because you were able to use the five years from undergraduate and apply that to your graduate degree post june 30 or July, somewhere in July, when you call me up, it's going to be a situation where that undergraduate debt is a very small amount of your debt, and your graduate debt is usually much bigger. So you have $70,000 of undergrad and 30,000 of undergrad. That 30,000 of undergrad is going to be 30% of your overall debt. Because, you know, my example, you have 100k basically. And so what they're going to say is, let's say that you had, let's make the numbers easier, 10 years worth of payments on this undergrad debt. Well, it's only 30% of your debt, so we're only going to give you three years of credit now applied to it, it's like, wait a minute, I only getting three years when I had 10 years, if you consolidate before July 30. In this example, I kind of switched it up on you a little bit, but it's now 10 years of credit, so you can get all of the credit now, whereas you're going to get the weighted average of the credit after July 30. So that's a pretty big difference, and that's going to slow you down when you're trying to get these loans off your plate as soon as possible,

Jamila Souffrant 27:36

right, right? I'm also just trying to think of any relevant information for someone like, maybe they're already consolidated. I know there's some people who like, they're closer to forgiveness than they think, but they don't even know they qualified. Or do people have to sign up for the forgiveness program? Like, maybe they have not signed up. Do they need to? Like, so maybe some basic starting points for people who are who are listening or watching?

Lauren Williams 27:59

Yeah, the basic starting point would be to find out what payment plan Am I on. If you have been providing your income to the government every 12 months, you know, as long as you're starting your loans, then you're on an income driven payment plan. It's tied to your income. If you've never given the government your your income information, you're not on an income driven payment plan. So that's like key number one, what kind of plan Am I on? Then it's of the plan that I'm on. Am I on the right plan? Because as I mentioned at the beginning, there's save, there's pay, there's IBR, there's ICR, which another really good point about these like deadlines. There's a secret, silent deadline that's happening in the background for the Pay As You Earn plan. If you're not on the Pay As You Earn plan by June 30, you're not going to be able to choose that plan going forward. And so that is really important piece of the puzzle, because that is one of the payment plans that's 20 years for forgiveness, the new save plan that everybody's all excited about. It's a great plan, but it's a 25 year plan for most people. And so would I rather pay my loan for 20 years or 25 years? I know I rather be done five years sooner. I don't know about you, but if you don't know that you're eligible for the pay plan, what the eligibility requirements are, then you're not going to know to get on that you might have just chose save, because your friend chose save. Don't do what your friend did do what's right for you. So what payment plan are you currently on, and how much longer do you think you have toward forgiveness? And that's where, like I said, a student loan planner, we can help you figure out, Hey, you look like you've made this many payments this much of it was forbearance. This forbearance will count, and you should have about, you know, 12 years of credit with eight years to go as an example, right, right.

Jamila Souffrant 29:31

Okay, so much great information. Lauren, oh my gosh.

Lauren Williams 29:35

I think it's important to know too, that it's important to invest in yourself. Think about this idea. Is like, I spend a little bit of money between now and June 30, but it could save me 1000s of dollars over the course of time. You know, I talked about the girl who saved $400 a month, like the console paid for itself and just, you know, one month, basically. So you want to be thinking about the idea that, like, this is an investment. Just even have peace of mind, maybe I don't tell you you're doing anything. Thing wrong. Majority of the people we do something to optimize their student loan plan, but you're just like, Okay, I'm on the right path. I

Jamila Souffrant 30:06

can check this box and I can look at some other part of my journey. Yes, can you just talk a little bit about, like, what the call helps you do? I know it's not just the IDR, right, right? It's a multitude of things that you can help with Absolutely.

Lauren Williams 30:21

So when you sign up for a consultation, you will send over your NSLDS file. So that's kind of like your credit report for student loans. You get that from studentaid.gov, like I said, we have a spreadsheet that we convert that so that we can read the file and understand what your payment history looks like. And then once we've gone through that, and, you know, tell you things that are relevant to the IDR waiver, or just in general, to your payment history. We'll look at a calculator that says of the different payment options, this one is the most appropriate for you, and here's the reason why, we'll also look at your tax filing status. So married filing jointly versus married filing separately does make a big difference for student loans. If you have a spouse with no student loan debt, you might be throwing money away by doing Mary filing jointly. But we first have to analyze before we tell you, like that you absolutely should do Mary filing separately. So those are the things that we'll be looking at, and we knock all that out in 60 minutes. Wow.

Jamila Souffrant 31:11

Okay, all right, Lauren, this live, hopefully for the people listening and watching was helpful, hopefully as it saves you money, or start you on a path to saving money so you can get to your financial freedom and financial independence goals faster. Thank you for joining me again. If you want more information about the one on one call is student loan planner com slash journey to launch. That's my affiliate link. So the other thing Lauren said to do is maybe this does not apply to you, and it can apply to someone in your friend circle or family, a family member. And who knows? Because some I know, some people you guys don't like talking about your money too much, which is like your friend is probably struggling and needs help. Okay, so just send it to them in case it can help. You know, if they went to school, they most likely have student loans. And so you can send in those information, and hopefully it starts down a path to where they can find more useful information to help them with their finances. Thanks, Lauren, this was great.

Lauren Williams 32:09

Thank you. Thanks for having me. It's so good to see you

Jamila Souffrant 32:14

don't forget. You can get the episode show notes for this episode by going to journeytolaunch.com or click the description of wherever you're listening to this, and you can still grab your jumpstart guide for free to help you on your journey to financial freedom by going to journey to launch.com/jumpstart if you want to support me and the podcast and love the free content and information that you get here, here are four ways that you can support me in the show. One, make sure you're subscribed to the podcast wherever you listen, whether that's Apple podcast, that purple app on your phone, your Android device, YouTube, Spotify, wherever it is that you happen to listen, just subscribe so you are not missing an episode. And if you're happening to listen to this in Apple podcasts, rate review and subscribe there. I appreciate and read every single review. Number two, follow me on my social media accounts. I'm at journey to launch on Facebook, Instagram and Twitter, and I love, love, love interacting with journeyers. There three, support and check out the sponsors of this show. If you hear something that interests you. Sponsors are the main ways we keep the podcast lights on here. So show them some love for supporting your girl four. And last but not least, share this episode, this podcast, with a friend or family member or co worker so that we can spread the message of Journey to launch. All right, that's it until next week. Keep on journeying. Journeyers. You

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