Your credit score is just about to take a bump and you are going to be really well centered locate a mortgage

| August 14, 2022 | 0 Comments

Your credit score is just about to take a bump and you are going to be really well centered locate a mortgage

Dr. Jim Dahle:
Yeah. Don’t rock the boat at this point. He says he’s buying the home in the next two to three years, and you’re going to have this paid off in a year and a half via PSLF. This is going to be perfect.

Dr. Jim Dahle:
All right. So, what are people talking about title loans in Tennessee when they’re coming and meeting with you at studentloanadvice? What are the questions and concerns people have this year?

It’s easy having people with personal pupil financing

Andrew:
Obviously, with the timing of everything that’s been on hold for two years, I think that’s always on people’s mind is what’s going to happen with payments. Are they going to get pushed back again? What about income recertification? What should I do about taxes? I think kind of starting with income recertification, and this is a really big topic because the rules are that every single year you need to recertify your income.

It’s very easy that have those with private beginner finance

Andrew:
And if you don’t, they’re going to send you this scary email that the loan interest is going to capitalize. They’re going to put your loan to forbearance maybe for a month, or you’re no longer going to qualify for that payment cap. They’re going to put you on the standard tenure payment plan, whatever.

It is easy which have people which have individual college student loans

Andrew:
They’re going to throw out a bunch of those different scare tactics, but just so you know, you can go to or your loan servicers website, and it should show you the next time that you need to recertify your income. And if it is prior to , just move it back one year.

It’s simple with people that have personal pupil money

Andrew:
That means if you log into , and it says that , you need to re-certify your income. It’s not going to be until . So that has a huge impact and has been a huge benefit for so many of you out there. I’m meeting with clients that haven’t recertified their income since 2018, 2019.

It’s quite simple which have those that have individual pupil financing

Andrew:
Now they’re a high-paid surgeon, and they’re still making payments on their resident or even their interim income. They’re only paying $50 to $100 a month on their student loans. Obviously keep those payments as low as you can for now. Assuming that you’re doing one of the like public service loan forgiveness.

It’s quite simple with those that have individual student finance

Andrew:
And then I think kind of the second point is that if your income has gone down since 2018 or 2019, go ahead and recertify. You can get a lower monthly payment. But if you don’t do anything, just assume that the payments that are going to start up here again in May are going to be based on your income pre-pandemic.

It’s quite easy which have folks having individual college student finance

Andrew:
Yeah. If you can get a lower rate, go ahead and lock that in before the Fed raises rates in March. As I’m recording right now here, they’re anticipating, the economists are saying that they’re going to raise rates a couple more times this year.

It is very easy with those of you with private pupil loans

Andrew:
For those that have private student loans very, very easy right now, if you can get a lower interest rate. And that usually happens when you’ve graduated training, you graduated med school, you got married to another high earner. Your credit situation has improved. Go ahead, refinance those loans.

It’s super easy with those of you with personal student fund

Andrew:
But for those of you with federal student loans that have been sitting on the side line for two years now in refinancing, it gets a little bit tougher. Do I want to take advantage of 0% interest for the next two months, or do I want to lock in a low rate right now?

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