Business
What to know about the new SAVE student loan repayment plan before pandemic pause ends on August 5, 2023 at 12:00 pm Business News | The Hill
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1 year agoon
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Student loan borrowers now have access to the beta website for the Saving on a Valuable Education (SAVE) plan, the Biden administration’s new income-driven repayment (IDR) plan, after the Department of Education unveiled it this week.
The program, which the White House calls the “most generous” such plan ever offered to borrowers, will become the main IDR interface for student debt in the coming months.
Borrowers will be navigating the changes SAVE makes to their monthly payments, which are set to restart in October after the three-year COVID-19 pause.
The SAVE plan, which doesn’t list a maximum applicable income, comes after the Supreme Court earlier this summer struck down President Biden’s attempt to forgive up to $20,000 per student loan borrower.
Here is what you need to know about SAVE before payments return:
How do borrowers apply?
All student loan borrowers are eligible to enroll in the SAVE plan and can start applying immediately.
Those who are on the Revised Pay As You Earn Repayment (REPAYE) IDR plan will not need to apply to the SAVE plan. The department is automatically enrolling them in the new plan.
And those who apply during the beta phase of the website will not have to apply again once the website is fully launched in August.
“During the testing period, eligible borrowers can apply for the SAVE Plan, but some website functionality may be limited as the Department’s technical team monitors site performance and refines and tweaks the application as needed,” an Education Department spokesperson said. “This testing period will allow the Department to monitor site performance through real-world use, test the site ahead of the official application launch, refine processes, and uncover any possible bugs prior to official launch.”
An education department official said the application should only take around 10 minutes to complete as the site can automatically pull up tax documents and other information you need for the application if it is already in its system.
Unlike past plans, if a borrower agrees to securely allow the department to access certain tax information, the agency will automatically recertify a person for the SAVE plan every year instead of the borrower having to do it themselves.
The same applies to a person who is 75 days late on their payments next July. If they agree to disclose certain tax information, the department will automatically enroll them in the plan.
What changes are made in the plan this year?
The plan is getting launched in two phases with some changes coming in the next couple of months and others coming next summer.
The first change raises the income exemption from 150 percent to 225 percent above the federal poverty guidelines. For borrowers, this means monthly payments will be based on a smaller portion of one’s income, leading to smaller payments on loans.
An individual borrower making as much as $32,800 a year would have $0 monthly payments on their student loans. A family of four would need an income higher than $67,500 to have monthly payments above $0.
Another change implemented this year will affect the interest on monthly payments. As long as someone on the SAVE plan makes their principal payments on their loans each month, they will not be penalized with growth of unpaid interest.
“You now have assurances that your reduced payment will be satisfactory for paying off the balance of your of your student loans, and you won’t have to worry about interest rates, causing your loan to grow even as you make payments,” said Bruce McClary, senior vice president of media relations and membership for the National Foundation for Credit Counseling.
“That’s exciting news because there’s nothing more deflating than looking at your statement and seeing your balance grow as you’re making the agreed upon payments based on the reductions through your plan,” McClary added.
And in a third change this year, spousal income will not be included in the monthly calculations for married couples who file separately.
Changes happening next summer
In July of next year, several changes will take place for those who are under the SAVE plan.
Borrowers with undergraduate loans can expect their monthly payments to be cut in half from 10 percent of their discretionary income to 5 percent.
Those with original balances of up to $12,000 can reach forgiveness after 10 years of payments, with an additional year added for every $1,000 after $12,000.
Borrowers who consolidate loans won’t lose time towards their forgiveness and payments made before 2024 will count towards time to forgiveness.
Changes will also occur for people who are in deferment or forbearance, although with the restart of student loans, everyone has been given a clean slate so no individual will be in deferment or forbearance until next year.
Certain periods of deferment or forbearance will qualify towards months for forgiveness and borrowers will be able to make “catch-up” payments to receive credit for other types of forbearance or deferment.
By the time the changes are implemented, it is likely the REPAYE program will be completely phased out and other IDR options will be limited.
“There was a lot of confusion about the different plans and the appropriateness of those plans in terms of a person’s unique circumstances and, for many borrowers, they had to had to take a little bit of extra time to reach out and get some expert advice to help guide them in the right direction to plug into the plan that worked best for them,” McClary said. “So hopefully, some confusion will be cleared, and the program will be presented in a way that’s easier to understand.”
Could this fall through in court?
The plan has been decried by Republicans for its hefty price tag of between $150 billion and $350 billion, according to varying estimates, and it’s facing at least one legal challenge.
“The administration’s Income-Driven Repayment rule is nothing more than a backdoor attempt to provide free college by executive fiat,” House Education and the Workforce Committee Chairwoman Virginia Foxx (R-N.C.) previously said.
On Friday, the New Civil Liberties Alliance (NCLA) filed a lawsuit to stop the SAVE plan, arguing it violates the Constitution’s Appropriations Clause, which says Congress is in charge of what debt that is owed to the Treasury can be forgiven.
The suit takes particular issue with the part of the SAVE plan that allows some periods of deferment or forbearance to count towards student loan forgiveness.
“Non-payments are not payments. No amount of nonsense changes the essential fact Congress required debtors to make payments before receiving debt relief,” said Mark Chenoweth, president and general Counsel of the NCLA.
Education, Administration, Business, student loans Student loan borrowers now have access to the beta website for the Saving on a Valuable Education (SAVE) plan, the Biden administration’s new income-driven repayment (IDR) plan, after the Department of Education unveiled it this week. The program, which the White House calls the “most generous” such plan ever offered to borrowers, will become the…
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Advice
10 Tips To Creating Quality YouTube Content on a Budget
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2 weeks agoon
October 4, 2024Producing engaging YouTube videos doesn’t have to break the bank. With the right strategies and tools, you can create high-quality content that resonates with your audience without overspending.
Define Clear Objectives
Before you start filming, establish your goals. Are you aiming to increase brand awareness, drive traffic to your website, or boost video views? Your objectives will guide your content strategy and help you measure success.
Create Compelling Content
Invest time in developing high-quality video concepts. According to Analytics Partners, video content has twice the lasting impact of non-video content. Focus on creating content that resonates with your audience and aligns with your brand messaging.
Leverage Smartphone Technology
Modern smartphones offer excellent video quality. For example, the iPhone 12 Pro can shoot 4K video at 60 fps, rivaling many dedicated cameras. Pair your smartphone with a basic tripod and external microphone for professional-looking results.
Optimize Lighting
Good lighting is crucial for video quality. Natural light is free and effective. Position yourself near a window or invest in affordable lighting options like ring lights, which typically cost between $20-$100.
Post-Production and Optimization
Use Free Editing Software
Take advantage of free or low-cost editing tools. DaVinci Resolve, for instance, offers professional-grade editing capabilities at no cost for its basic version.
Optimize for SEO
YouTube’s algorithm considers factors like view count, engagement, watch time, and relevance when recommending videos[2]. Use keywords in your titles, descriptions, and tags to improve discoverability. For example, including relevant keywords in your title can increase views by up to 20%.
Engagement Strategies
Prioritize Community Engagement
Respond to comments and interact with your audience. YouTube puts recent comments front-and-center in your analytics dashboard, encouraging timely responses. This engagement can lead to higher watch times and subscriber growth.
Experiment with YouTube Shorts
YouTube Shorts are amassing tens of billions of views daily. Creating Shorts content can increase your channel’s visibility and engagement without requiring significant production resources.
Budget-Friendly Marketing Tactics
Leverage Remarketing
Implement remarketing campaigns to re-engage viewers who have already interacted with your content. This targeted approach can be more cost-effective than broad audience targeting.
A/B Testing
Experiment with different video formats, thumbnails, and titles. YouTube’s own data shows that 90% of top-performing videos have custom thumbnails. A/B testing can help you identify what resonates best with your audience without additional production costs.
Real-Life Example
Consider the case of Peter McKinnon, a photographer and filmmaker who started his YouTube channel in 2010. Using primarily his smartphone and basic editing software, he grew his channel to over 5 million subscribers. His success came from consistently delivering valuable content, engaging with his audience, and gradually improving his production quality as his channel grew.
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Author: Bolanle Media Staff
As a film industry professional, you’re likely no stranger to the hard work and dedication required to bring a project to life. However, you may not be aware of the crucial role film festivals play in advancing your career and the industry as a whole. Let’s revisit the importance of film festivals and how they can benefit you and your work:
Film festivals provide a platform for your work to be seen by a wider audience, including critics, distributors, and industry leaders. This exposure can lead to recognition, awards, and critical acclaim, which can boost your reputation and open doors to new opportunities.
From the Film Festival Circuit Founder, Mikal Fair:
“Explore the ‘Film Festival Submitter’s Handbook 2024,’ your ultimate guide to conquering the film festival circuit. Whether you’re a filmmaker or screenwriter, this essential resource provides practical strategies to navigate the competitive landscape of film festivals successfully. From crafting compelling titles, taglines, and synopses to creating impactful director’s and writer’s statements, this handbook equips you with the tools to shine in the festival circuit. Learn to develop effective marketing materials, including posters and trailers, and discover the importance of communication and presenting a professional package. With insights tailored to the evolving role of social media and marketing in the film industry, this handbook is your key to festival triumph. Get your copy now and embark on your journey to festival success!”
Author: Bolanle Media Staff
Business
Laugh, Learn, and Connect: Houston Comedy Film Festival Oct 5th
Published
2 weeks agoon
September 30, 2024Located in: EADO Workspaces
The Houston Comedy Film Festival is set to return on October 5th, 2024, and it promises to be an exciting day filled with laughter, learning, and networking opportunities for comedy enthusiasts and aspiring filmmakers alike. This year, the festival welcomes Roselyn Omaka as the new festival director, bringing her expertise and innovative vision to the event.
Attendees can look forward to engaging sessions led by industry professionals. Joan Montreuil from The Newbie Film Academy will provide invaluable insights into financing films and raising capital, helping aspiring filmmakers navigate the often complex world of film funding. Meanwhile, Deloris from DD’s Showbiz will host an interactive acting workshop designed to enhance participants’ skills and confidence in front of the camera.
Although LemarKus Tinker from Friday Night Lights won’t be attending in person, he will offer an exciting virtual one-on-one guidance session for aspiring directors. This unique opportunity allows participants to connect directly with him from the comfort of their homes, gaining personalized advice and insights that can help shape their directorial vision. Imagine having a chance to ask questions and receive feedback from a seasoned professional in the industry—this virtual interaction is sure to be a highlight!
In addition to these educational opportunities, festival winners will have the chance to receive valuable resources from sponsors to further improve their films and business outcomes. This support could be the stepping stone that many emerging talents need to make their mark in the competitive world of filmmaking.
The festival kicks off at 12 PM sharp, so attendees are encouraged to arrive 10 minutes early to ensure they don’t miss any of the action. It’s important to note that everyone must purchase a ticket to attend this fantastic event. Tickets are available for $50, which grants full access to all festival activities. Attendees can purchase their tickets through different platforms: filmmakers (not screenwriters) are encouraged to buy their tickets on filmfestivalcircuit.com, while guests and screenwriters should secure their tickets via meetup.com/bolanlemedia. Tickets can also be purchased at the door on the day of the event.
The Houston Comedy Film Festival has been a cornerstone of the independent film community since its inception in 2008 by author and retired filmmaker Mikel Fair. Over the years, it has consistently ranked in the FilmFreeway Top 100, cementing its status as a must-attend event for comedy filmmakers and fans.
With Roselyn Omaka’s leadership, the star-studded lineup of industry professionals, and the diverse array of films and activities planned, the 2024 Houston Comedy Film Festival is shaping up to be an unmissable experience. Whether you’re an aspiring filmmaker, a comedy enthusiast, or simply looking for a day filled with laughter and learning, this festival has something for everyone.
Don’t miss out on this fantastic opportunity to immerse yourself in the world of comedy filmmaking. Grab your tickets now and be part of the Houston Comedy Film Festival experience! Join us on October 5th at the Coronation Theatre in Houston for a day of creativity, laughter, and cinematic celebration! Your next big break could be waiting for you!
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