Student debt can be a significant financial burden for many people, but it is a challenge that can be overcome with the right strategies and mindset. One effective strategy is to create a budget and pay off high-interest loans first while exploring options for loan forgiveness or refinancing. Additionally, seeking resources and support from student loan specialists can provide valuable guidance and assistance in managing student debt.
In this episode, Christie Arkovich joins us to share some valuable tips on how to pay off your student debt, including applying for an IDR waiver, the benefits of paying more than the minimum payment, refinancing your loans, and looking into forgiveness programs.
If you've been struggling with student debt for years — or know someone who has, this episode is for you. You can pay off your debts — you just need the right strategy.
Christie: “It fit nicely with what I like to do. Which is until I'm proven wrong, I think that I should try. And so we actively were defending foreclosures during that crisis. And we have done a ton of student loan work in getting rid of that debt and it’s working.”
Christie: “We need to change them to be a newer direct loan to make them eligible for some of the new stuff that's out there.”
Christie: “The IDR waiver program allows anyone with a direct loan to now get a one time account adjustment. So that if they have been paying on the loan for 20 or 25 years, in whatever program they might have been in, including extended forbearances that maybe they shouldn't have been on, they're gonna get credit for that time now. And their loan may be completely wiped out.”
Christie: “I recommend people file it now, don't wait to the end of the year because the landscape could be different. This IDR waiver program could be under appeal. I, frankly, am getting to be to the point where I'm surprised if it's not. And I get it while it’s good, so I do it now.”
Christie: “On the case studies that we've done, it looks like the student loan payment under an IDR Repay under the new revised Repay is going to be about a third of what it probably was before.”
Christie: “I always think that's a good idea, particularly for those people who don't know a lot about their loans. They need to know ahead of time.”
Christie: “That's where we're focused some of our efforts in this upcoming couple years. Is to try to get as many people under that as we can.”
Christie: “Make sure that you know what you have in loans, you take control, don't trust the servicer to do so because there's been studies 62% of them, they end up saying the wrong thing anyway.”
Christie Arkovich has been a Florida licensed attorney for 30 years since graduating from Stetson College of Law in 1992 with honors. Ms. Arkovich is a frequent speaker at various consumer oriented continuing legal education seminars for other attorneys before the American Bankruptcy Institute (“ABI”), the National Association of Consumer Advocates (“NACA”) and the Tampa Bay Bankruptcy Bar Association (the “TBBBA”). She also writes a quarterly column for the TBBBA, Student Loan Sidebar, about recent student loan related laws, regulations and developments nationwide. Whenever possible, Ms. Arkovich takes the opportunity to share her knowledge about student loans gained from prior work as trial counsel for Sallie Mae, ECMC and other student loan servicers or guarantors, and from her practice now on the consumer side of things. She recently served on the Student Loan Committee for the new Student Loan Management Program in the Bankruptcy Court for the Middle District of Florida and was Chair of the Consumer CLE for the Tampa Bay Bankruptcy Bar Association for 2019-2022.
Connect with Christie on LinkedIn.
Interested in connecting with a Student Loan Lawyer? Connect with Christie on Website, LinkedIn, and Facebook. Visit her blog to read about how to manage student loan debts.
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