Philadelphia Inquirer: Get a lower monthly student loan bill with the SAVE repayment plan

Clarifi’s Financial Empowerment Centers Program Manager, Tyler Young, spoke with The Philadelphia Inquirer about how student loan borrows can utilize our free counseling.

Excerpt: While the federal government won’t report you to credit bureaus or debt agencies for missed payments until next September, to help borrowers during the “on ramp” period, interest will continue to grow on student loans. After that 12-month grace period, if borrowers miss payments, they could be looking at a 50- to 80-point hit to their credit score, said Tyler Young, manager of financial counseling programs at Clarifi. The Center City nonprofit serves as a Financial Empowerment Center where any resident can receive free one-on-one financial counseling on their student loans.

“You should have options if you can’t make the payments,” Young said. “At least apply for the income-driven repayment plan if it’s right for you because you might be able to get away with no monthly payment at all.”

Read the full story here.