LOUISVILLE, Ky. (WDRB) — The Louisville Financial Empowerment Center is helping student loan borrowers manage their payments.
Millions of Americans must start repaying their federal student loans again in October, with monthly payments averaging hundreds of dollars. The Supreme Court in July rejected a plan by President Joe Biden’s administration to wipe away $400 billion in student loan debt.
According to a news release Monday, FEC financial counselors were trained by the nonprofit Student Borrower Protection Center on how to manage student loan repayments.
“We spent a lot of time learning how to prepare clients for what’s about to happen,” financial counselor DeShawn Manning said in a news release. “We talked about what those changes were and then how to incorporate those payments back into their budgets.”
The SAVE, or “Saving on a Valuable Education,” plan allows borrowers to make lower payments based on a percentage of their discretionary income. If borrowers have an outstanding student loan, they …