And while the legal battle plays out, President and Founder of The Institute of Student Loan Advisors Betsey Mayotte says to prepare for repayment either way.
“What I’ve been telling people to do is actually pretend they’re paying their loans but instead of actually sending the money to the loan service to put it in some sort of interest bearing account,” Mayotte said.
Supporters, like Betsy Mayotte, president and CEO of The Institute of Student Loan Advisors, said a loan ombudsman would provide a “broad and long-standing positive economic impact to the state.”
“Data shows that student loan debt delays many significant life and financial events including marriage, buying a home, saving for retirement, and having children,” she wrote in testimony in support of the bill.
Where can I get help choosing the best repayment plan?
Besides your servicer, groups like the Institute of Student Loan Advisors, known as TISLA, can provide free guidance on what options may work best for you.
Whatever happens with this case, Betsy Mayotte at the nonprofit Institute of Student Loan Advisors likes to remind people who are anxious about their debt that “there are a multitude of lower payment options available on federal student loans.”
Mayotte said all the focus on broad student loan relief has overshadowed a lot of other major changes the administration has made to the student loan program.
“That has really taken the pressure off some of the most vulnerable borrowers — like totally and permanently disabled students that were defrauded by their schools — borrowers pursuing Public Service Loan Forgiveness…” she said.
Some of those changes, Mayotte said, may ultimately provide even more relief for people than the $10,000 to $20,000 of forgiveness currently before the Supreme Court.