SECURE 2.0 Offers New Options for 529 Plans and Student Loan Payments
Jun 1, 2023 12:30:00 PM
written by
The Retirement Group
The first provision allows for tax- and penalty-free rollovers from a 529 plan to a Roth IRA. The second provision allows student loan payments made by employees to qualify for employer retirement matching contributions. The overall goal is to help young adults start saving for retirement.
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posted in Financial Planning, Student Loans, 2023, SECURE Act, 529 Plans
Student Loan Repayment Delayed Again to Future Date in 2023
Dec 14, 2022 2:33:38 PM
written by
The Retirement Group
The Biden administration has announced another extension for repayment of federal student loans to an unspecified date in 2023 due to legal challenges that have blocked implementation of the student loan debt relief program. The previous payment moratorium was set to expire on December 31, 2022.
Under the new extension, student loan payments will resume 60 days after the student loan debt relief program is implemented or the lawsuits are resolved. If the courts have not resolved the issue by June 30, 2023, payments will start 60 days after that.1
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posted in Financial Planning, Student Loans, 2023
New Cancellation for Federal Student Loans and Delayed Repayment to 2023
Sep 1, 2022 2:41:11 PM
written by
The Retirement Group
Federal student loan repayment was originally halted in March 2020 at the start of the pandemic. The new plan extends the payment moratorium through the end of the year, offers partial debt cancellation, and includes proposed updates to the Public Service Loan Forgiveness program and a new income-based repayment plan.
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posted in Financial Planning, Student Loans, Federal
Student Loan Payment Pause Extended Through January 2022
Aug 18, 2021 12:24:43 PM
written by
The Retirement Group
You or many in your area may have been expecting to start paying the burden of student loan payments in the upcoming month. On August 6, 2021, the U.S. Department of Education announced an extension of the pause on federal student loan payments to January 31, 2022. The payment moratorium, currently in effect for millions of federal student loan borrowers, was set to end on September 30, 2021.
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posted in Student Loans, Finances
Federal Student Loan Interest Rates Set to Increase for 2021-2022
Jun 29, 2021 4:02:07 PM
written by
The Retirement Group
After two years of decreases, interest rates on federal student loans are set to increase almost a full percentage point for the 2021-2022 school year.1 The interest rates on federal student loans are reset each year after the May auction of the 10-year Treasury note.
The rates apply to new federal student loans issued on or after July 1, 2021, through June 30, 2022. The interest rate is fixed for the life of the loan.
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posted in Interest rates, Student Loans, Federal