DO YOU OR SOMEONE IN YOUR HOUSEHOLD HAVE STUDENT LOAN DEBT?

DO YOU HAVE QUESTIONS ABOUT HOW TO MANAGE FEDERAL STUDENT LOAN PAYMENTS WHILE ON STRIKE?

WSNA is partnering with our national union the AFT to host Student Debt Clinics to help you prepare financially for a strike by managing student loan debt during and after a strike.

Clinics will be held on Jan. 3 at 4 p.m. and 8 p.m. and on Jan. 4 at 8 a.m. and 11 a.m. at Strike Headquarters, 44 W. 6th Ave., across from Sacred Heart.

We don’t want your student loan bills to add to your stress during a strike. If you have federal student loans, there is a vital lifeline for workers that could help you manage your student debt while on strike: income-driven repayment (IDR) plans. Income-driven repayment plans are available in some form to all federal student loan borrowers and may drop your monthly student debt bill immediately – and continue to do so after a strike is won.

WHAT ARE INCOME-DRIVEN REPAYMENT PLANS?

Income-driven repayment plans are repayment plans that base your monthly payment on your adjusted gross income and family size rather than how much you owe. Your payments through these plans can be as low as $0 a month, particularly when your income has gone down, or when you reasonably believe that it will go down, because you are on strike or for any other reason. These plans are free to enroll in.

HOW DO INCOME-DRIVEN REPAYMENT PLANS COMPARE TO OTHER OPTIONS LIKE DEFERMENT OR FORBEARANCE?

Income-driven repayment plans are usually better for most borrowers than programs like deferment or forbearance – which can leave you with a lot more debt and should typically be avoided if possible.

With income-driven repayment plans if you’re unemployed or between jobs, you’ll be asked to pay as little as $0 a month in any income-driven repayment plan, and that will keep you current on your loans and moving toward eventual loan discharge.

Register now. Student debt clinics will be held on Jan. 3 at 4 p.m. and 8 p.m. and on Jan. 4 at 8 a.m. and 11 a.m.

Need more information? Download the WSNA Strike Financial Tip Sheet or financial preparation tips from AFT.

Other questions? Send an email to SHMC@wsna.org.