POPULARITY
2 episodes with parent plus loans
4 episodes with parent plus loans
4 episodes with parent plus loans
2 episodes with parent plus loans
3 episodes with parent plus loans
2 episodes with parent plus loans
3 episodes with parent plus loans
2 episodes with parent plus loans
2 episodes with parent plus loans
Are you throwing money away each month and working extra hours just to pay interest? The average American pays $8,000 per year in interest alone. That's $667 every month! But the real cost isn't just the dollars—it's the extra hours you work to pay those bills. In this eye-opening episode, we expose five dangerous debt myths that could be forcing you to work harder than necessary: Why making minimum payments on credit cards could keep you in debt for 22+ years The hidden trap in Parent PLUS loans that could delay your retirement When NOT touching your home equity is actually costing you money The surprising truth about reverse mortgages (they're not always bad!) Why "all debt is bad" thinking might be limiting your wealth-building potential Key Quote: "I realized I was working for my debt instead of having my debt work for me. Once I understood the difference between productive and destructive debt, everything changed." Whether you're carrying credit card balances, considering college funding options, or wondering about your mortgage, this episode will help you identify which debts are holding you back and which might actually help you build wealth—allowing you to work less while achieving better financial outcomes. Ready to rethink your relationship with debt? Connect with us for a complimentary debt strategy session at wealthwisdomfp.com/call 01:24 Meet the Team 02:41 The Cost of Debt in America 07:32 Debt Myth #1: Credit Card Minimum Payments 14:58 Debt Myth #2: Parent Plus Loans 25:59 Debt Myth #3: Mortgage Rates and Home Equity 29:48 Exploring Home Equity Loans 30:08 Comparing Interest Rates and Savings 30:56 Understanding Home Equity Loan Payments 32:41 The Concept of Home Equity Loans 36:31 Reverse Mortgages: Pros and Cons 45:12 Evaluating 401k Loans 48:36 Good Debt vs. Bad Debt 53:12 Bank on Yourself Policy Loans 55:17 Wrapping Up and Final Thoughts Watch on YouTube here: https://youtu.be/owG5LW26xlo
Are big changes coming to the way we pay for college? In this episode, host Melissa Joy, CFP®, sits down with Ann Garcia, CFP®, and author of How to Pay for College, to discuss the shifting landscape of higher education. With potential policy changes on the horizon, including modifications to student loans, grants, and university funding, families need to be more strategic than ever in planning for college expenses.Melissa and Ann explore the role of the Department of Education, the impact of proposed Parent PLUS loan eliminations, taxation of scholarships and endowments, and how federal research funding plays a pivotal role in the U.S. economy. Ann provides valuable insights on smart financial planning strategies for families navigating the cost of higher education and shares actionable steps for making informed decisions.Key Takeaways:✅ Potential Changes in Higher Education – How proposed federal policies may impact college affordability and financial aid. ✅ Understanding the Role of the Department of Education – What it funds, why it matters, and what could happen if it's restructured or eliminated. ✅ The Risks of Taxing Scholarships & Endowments – Who could be most affected and why financial aid could become even more limited. ✅ Parent PLUS Loans on the Chopping Block? – The pros and cons of eliminating these loans and what it could mean for families. ✅ Why Research Universities Matter – How federally funded research drives economic growth and innovation, from medical breakthroughs to technological advancements. ✅ Financial Planning for College – Smart strategies for families, including using net price calculators, alternative education pathways, and financial aid negotiations. ✅ The Importance of Open Conversations About Money – How to discuss finances with your kids and prepare them for responsible decision-making.Follow Ann on LinkedIn Learn More About Paying for College Follow on FacebookThe previous presentation by PEARL PLANNING was intended for general information purposes only. No portion of the presentation serves as the receipt of, or as a substitute for, personalized investment advice from PEARL PLANNING or any other investment professional of your choosing. Different types of investments involve varying degrees of risk, and it should not be assumed that future performance of any specific investment or investment strategy, or any non-investment related or planning services, discussion or content, will be profitable, be suitable for your portfolio or individual situation, or prove successful. Neither PEARL PLANNING's investment adviser registration status, nor any amount of prior experience or success, should be construed that a certain level of results or satisfaction will be achieved if PEARL PLANNING is engaged, or continues to be engaged, to provide investment advisory services. PEARL PLANNING is neither a law firm nor accounting firm, and no portion of its services should be construed as legal or accounting advice. No portion of the video content should be construed by a client or prospective client as a guarantee that he/she will experience a certain level of results if PEARL PLANNING is engaged, or continues to be engaged, to provide investment advisory services. A copy of PEARL PLANNING's current written disclosure Brochure discussing our advisory services and fees is available upon request or at https:...
The clock is ticking on the double consolidation loophole for Parent PLUS Loans, which closes in July 2025. Learn what this change means, why borrowers must act quickly, and how to make the most of the remaining time. We'll tackle the big questions: Should you file taxes jointly or separately? How do Medicare penalties and student loan repayments overlap? And what strategies can help you maximize income-driven repayment (IDR) plans before the loophole disappears? Jared Costigan, CFP®, CSLP®, a financial planner with the SLP Wealth team, shares expert advice on preserving retirement savings, aligning Social Security with loan repayment, and leveraging Public Service Loan Forgiveness (PSLF). Key moments: (05:16) Parent PLUS debt surged 63% from 2015 to 2022 as the cost of college climbs (9:19) The double consolidation loophole could save you from paying 20% of your retirement income (19:38) Who benefits most from a double consolidation? Borrowers with balances nearing or exceeding their income (27:56) Income planning ties Social Security and loans to retirement timing — don't overlook it (37:32) Filing taxes separately can lower loan payments but may raise Medicare costs Links mentioned: Financially Free Physicians podcast Department of Education Parent PLUS Loans Parent PLUS Double Consolidation Loophole Guide for 2025 Like the show? There are several ways you can help! Follow on Apple Podcasts, Spotify or Amazon Music Leave an honest review on Apple Podcasts Subscribe to the newsletter Feeling helpless when it comes to your student loans? Try our free student loan calculator Check out our refinancing bonuses we negotiated Book your custom student loan plan Get profession-specific financial planning Do you have a question about student loans? Leave us a voicemail here or email us at help@studentloanplanner.com and we might feature it in an upcoming show!
In this episode of the "Stuff About Money" podcast, host Erik Garcia, CFP®, CHFC®, BFA®, welcomes back his good friend John Hupalo from mycollegecorner to discuss college financing. This is part one of their conversation, where they tackle FAFSA season and share insights, tips, and a few laughs about the sometimes overwhelming process of financial aid applications. They also explore common misconceptions about financial aid and how to best prepare for the application process. Erik humorously suggests that having a therapist on speed dial might be a wise choice for families navigating these financial waters together! Join Erik and John as they explore the rising costs of college tuition and the various ways families can prepare financially. From the complexities of federal loans to the realities of saving for college, this episode is packed with valuable information—and a few light-hearted moments about the emotional rollercoaster that comes with planning for higher education. In part two of their conversation, they will discuss the different loan options available to students. Whether you're a parent with a college-bound child or just curious about the financial aid landscape, this conversation is sure to enlighten! Episode Highlights: John explains why FAFSA opens each year and its importance for families with college-bound students. (1:07) John discusses FAFSA's purpose in determining eligibility for federal grants, loans, and work-study programs. (5:55) John advises high-income families on why completing FAFSA can still matter for scholarships and federal loans. (11:02) John explains contributor roles in FAFSA and how separated or divorced parents should provide financial information. (19:00) John breaks down the Student Aid Index (SAI), its difference from the Expected Family Contribution (EFC), and its implications for aid eligibility. (25:00) John explains the value of federal student loans for students and contrasts them with the pitfalls of Parent PLUS Loans. (30:15) John emphasizes the importance of early financial conversations with students to set realistic college expectations. (35:10) John advises families to leverage professional judgment if their financial circumstances change significantly after FAFSA submission. (41:00) Key Quotes: “Saving a dollar today is better than borrowing one tomorrow. We actually registered that trademark. We love that.” - John Hupalo “Every single student is eligible, like Bill Gates' kids, you know, they're all eligible for federal student loans.” - John Hupalo “Financial fit is important because academically and socially, it might be a great fit, but you have to know what's realistic financially.” - John Hupalo Resources Mentioned: John Hupalo mycollegecorner Erik Garcia, CFP®, BFA Xavier Angel, CFP®, ChFC, CLTC Plan Wisely Wealth Advisors
In this episode of the "Stuff About Money" podcast, host Erik Garcia, CFP®, CHFC®, BFA®, welcomes back his good friend John Hupalo from mycollegecorner to discuss college financing. This is part one of their conversation, where they tackle FAFSA season and share insights, tips, and a few laughs about the sometimes overwhelming process of financial aid applications. They also explore common misconceptions about financial aid and how to best prepare for the application process. Erik humorously suggests that having a therapist on speed dial might be a wise choice for families navigating these financial waters together! Join Erik and John as they explore the rising costs of college tuition and the various ways families can prepare financially. From the complexities of federal loans to the realities of saving for college, this episode is packed with valuable information—and a few light-hearted moments about the emotional rollercoaster that comes with planning for higher education. In part two of their conversation, they will discuss the different loan options available to students. Whether you're a parent with a college-bound child or just curious about the financial aid landscape, this conversation is sure to enlighten! Episode Highlights: John explains why FAFSA opens each year and its importance for families with college-bound students. (1:07) John discusses FAFSA's purpose in determining eligibility for federal grants, loans, and work-study programs. (5:55) John advises high-income families on why completing FAFSA can still matter for scholarships and federal loans. (11:02) John explains contributor roles in FAFSA and how separated or divorced parents should provide financial information. (19:00) John breaks down the Student Aid Index (SAI), its difference from the Expected Family Contribution (EFC), and its implications for aid eligibility. (25:00) John explains the value of federal student loans for students and contrasts them with the pitfalls of Parent PLUS Loans. (30:15) John emphasizes the importance of early financial conversations with students to set realistic college expectations. (35:10) John advises families to leverage professional judgment if their financial circumstances change significantly after FAFSA submission. (41:00) Key Quotes: “Saving a dollar today is better than borrowing one tomorrow. We actually registered that trademark. We love that.” - John Hupalo “Every single student is eligible, like Bill Gates' kids, you know, they're all eligible for federal student loans.” - John Hupalo “Financial fit is important because academically and socially, it might be a great fit, but you have to know what's realistic financially.” - John Hupalo Resources Mentioned: John Hupalo mycollegecorner Erik Garcia, CFP®, BFA Xavier Angel, CFP®, ChFC, CLTC Plan Wisely Wealth Advisors
Seniors, are you working on your Common Application? Host Ian Fisher will be interviewing colleague Kristine Sawicki, formerly of Stanford University, about how to make your Common Application shine. We have something for your sophomores and juniors too! You may be wondering how to make the most of high school. We'll be addressing purposeful goal setting instead of just wish making. And parents, are you looking for an out in repaying Parent PLUS or cosigned private loans? It's not easy…but we'll talk about the few ways it might be possible.
For the 2023-2024 academic year, the average cost of college, per year, came to $11,260 for public colleges, if the student lives in-state, and $41,543 for a private university, according to college data.com. When you factor in room and board, those figures almost double at some institutions.These staggering figures leave many families to fret and wonder if they can possibly pay for higher education.Hi, I'm John Gigliello and you are listening to Invest in Knowledge, a podcast about all things financial. After a life-altering health issue at age 39, my calling in life became clear: To share my knowledge of personal finance with PEOPLE who are looking to make smart and responsible choices with their money. Only through education, action and accountability can YOU build the confidence and security YOU need to live a SATISFYING life.Today, we are going to talk college planning, specifically about Parent PLUS Loans – which are just one option when it comes to paying the price tag of a college education. We'll explore the pros and cons with our guest speaker and resident expert on all things college planning – Mike Whitney.Mike is a CERTIFIED FINANCIAL PLANNER™ who works as a financial paraplanner at Albany Financial Group. He helps families with college planning issues, as part of their overall financial plan, and has published white papers on the subject.
Featured on WGN Radio's Home Sweet Home Chicago on 09/14/24: Student loan Attorney Rae Kaplan, A.K.A. The Student Loan Assassin joins, the program to give information about student loans as many students are returning to school. Learn more about Kaplan Law Firm by going to financialrelief.com or calling Rae at 1-312-294-8989.
Seniors, are you working on your Common Application? Host Ian Fisher will be interviewing colleague Kristine Sawicki, formerly of Stanford University, about how to make your Common Application shine. We have something for your sophomores and juniors too! You may be wondering how to make the most of high school. We'll be addressing purposeful goal setting instead of just wish making. And parents, are you looking for an out in repaying Parent PLUS or cosigned private loans? It's not easy…but we'll talk about the few ways it might be possible.
In this episode, we're talking about how parents help finance their kid's education. Specifically, we're going to discuss Parent PLUS loans and how they impact millions of Americans hoping to retire. Americans above the age of 60 are drowning in student loan debt, both their own and that of their kids. The number of people over the age of 60 who have student loan debt has sextupled since 2004, now at $125 billion. Part of that debt is made of Parent PLUS loans: loans taken out by parents to help students. 3.7 million people of varying ages owe $108.5 billion in Parent PLUS debt. If you're one of those parents, there's stuff you need to know. Because some options you now have to deal with PLUS loans will soon be going away. It's so serious, it's being called the PLUS loan cliff. Sounds ominous! Host Stacy Johnson is joined by financial journalist Miranda Marquit. Listening in and sometimes contributing is producer Aaron Freeman. Today's guest is Travis Hornsby, the founder and CEO of Student Loan Planner. He's going to help us navigate this confusing topic and tell us how to handle this debt. Before we start, remember: We're not offering financial advice. So make sure to do your own research and consult your own experts before acting on anything you learn here. It's also important to note that Miranda has a freelance relationship with Student Loan Planner. She provides content for them on a contract basis. You can listen to the podcast wherever you get your podcasts: Listen on Apple PodcastsListen on Google PodcastsListen on SpotifyLet's talk about paying for college Parent PLUS loans are a type of Direct loan. When loans for undergraduate students fall short of meeting funding needs, Parent PLUS loans can fill the gap. The student loan system is complicated, and it's important to understand how you can pay for college, whether you get loans or not. Here's more information about student loans and paying for college, including ideas for getting a better return for your tuition buck in terms of jobs. What to Know About Student Loans Before You Borrow7 Ways to Get Free Money for College5 College Majors With the Worst Employment Rates — and 5 With the BestTop 20 Colleges and Universities That Hire for Flexible Jobs10 Colleges Where Tuition Is Free10 Things College Students Should Learn About MoneyGood Jobs That Don't Require a College Degree9 Colleges That Offer Free Tuition for Seniors8 Ivy League Colleges That Offer Free Online CoursesFree College Courses for Seniors in Every StateCan't Afford a College Degree? Consider Certification and a New JobWhat you need to know about student loans, including Parent PLUS loans Student loan debt can feel overwhelming. However, there are programs for forgiveness. It's also important to understand the difference between private and federal student loans. Here are some resources you can use to learn more, both on Money Talks News and on other websites. 13 States That Could Tax Forgiven College Loans11 Ways to Pay Off Student Loans Fast5 Ways to Avoid Drowning in Student Loan Debt if You Drop Out of CollegeHow to Get Free Help With Your Student LoansHow to Prepare for the Parent PLUS Cliff in 2025 (Miranda's article for Student Loan Planner)Parent PLUS Loans: You might be eligible, but should you take one? (Miranda's article for Britannica Money)Federal loans vs. private loans: Understanding student loan issuer types (Miranda's article for Britannica Money)Federal student loans: Subsidized vs. unsubsidized loans (Miranda's article for Britannica Money)Meet this week's guest, Travis Hornsby Travis Hornsby is a speaker and the founder of Student Loan Planner, which he launched after helping his physician wife navigate ridiculously complex student loan repayment decisions. To date, Student Loan Planner has consulted on over $1 billion in student debt. Travis is a Chartered Financial Analyst and brings his background as a former bond trader trading billions of dollars. Trying to solve the student loan crisis brought him out of his first retirement at the age of 25. He brings that same intensity to analyzing the best repayment paths for graduate degree professionals with six figures of student debt. Travis and his team have helped over 13,000+ clients save over $783 million dollars on their student loans, and he's been featured in NPR, New York Times, Bloomberg, U.S. News, Business Insider, Forbes, Rolling Stone, ChooseFi, Bigger Pockets, Money, and more. WebsitePodcastInstagramTikTokTwitterDon't listen to podcasts? A podcast is basically a radio show you can listen to anywhere and anytime, either by downloading it to your smartphone or by listening online. They're awesome for learning stuff and being entertained when you're in the car, doing chores, jogging or riding your bicycle. You can listen to our latest podcasts here or download them to your phone from any number of places, including Apple, Spotify, RadioPublic, Stitcher and RSS. If you haven't listened to our podcast yet, give it a try, then subscribe. You'll be glad you did! About the hosts Stacy Johnson founded Money Talks News in 1991. He's a CPA, and he has also earned licenses in stocks, commodities, options principal, mutual funds, life insurance, securities supervisor and real estate. Miranda Marquit, MBA, is a financial expert, writer and speaker. She's been covering personal finance and investing topics for almost 20 years. When not writing and podcasting, she enjoys travel, reading and the outdoors.Become a member: https://www.moneytalksnews.com/members/See omnystudio.com/listener for privacy information.
Welcome to the FitBUX Podcast, where we decode the complex world of student loans, helping you to leverage loopholes and strategies like the "double debt consolidation" to ease your financial burden. Join Joseph Reinke, CFA, as he simplifies the daunting process of loan repayment. In this episode, Joseph discusses the Parent PLUS loans and how both retirees and children repaying them can benefit from the double debt consolidation loophole. So buckle up as we journey through the maze of student loans, giving you the tools to secure your financial future. Don't miss out on this opportunity. Tune in and take your first step towards financial relief. Need financial planning help? Be sure to visit FitBUX.com.
In this insightful podcast episode, hosts Dave Kozak and Joe Kerins tackle the complex world of student loans, shedding light on the best borrowing options and repayment strategies. They discuss various types of loans, including government loans like Direct Stafford Loans and Parent PLUS Loans, as well as institutional and private loans. Listeners gain a comprehensive understanding of interest rates, repayment terms, and potential pitfalls associated with each loan type. The hosts emphasize the importance of responsible borrowing, creditworthiness, and repayment intentions. They provide valuable resources for researching and comparing loan options, while also addressing the limited scope of loan forgiveness. Additionally, the episode offers advice on loan consolidation and effective student loan repayment techniques. Whether you're a student preparing for college or a parent supporting a college-bound child, this podcast equips you with essential knowledge to navigate the world of student loans with confidence. Follow us on social media:https://www.instagram.com/elitecollegiateplanning/https://www.facebook.com/profile.php?id=100086096088113https://www.linkedin.com/company/elite-collegiate-planning/Visit us online:https://elitecollegiateplanning.com/https://collegeknowledge.net/
In this episode, I'm diving into some PSLF regulations that specifically affect physicians in California and Texas. Many of them work for for-profit companies that serve nonprofit hospitals, and the new rules coming out in July 2023 could have a big impact on PSLF eligibility. Next up is another listener's situation regarding consolidating Parent Plus Loans with graduate school debt. We'll also be covering some Parent Plus strategies that can be beneficial for parents. I'll also be jumping into the exciting world of Congress and their possible plan to repeal the student loan pause and cancellation. Don't worry, I'll break down what this means for borrowers and what happens when President Biden blocks it. Plus, we'll explore the Congressional Review Act and some juicy details of the ongoing student loan lawsuits. In today's episode, you'll find out: The new PSLF regulations that come out in July 2023 that could change student loan repayment strategies for physicians in California and Texas When you should consolidate Parent Plus Loans with graduate loans and when to keep them separate Who the Parent Plus Loan strategy works the best for How Congress might end the student loan pause and student loan cancellation Why some senators might vote against the cancellation and IDR programs The chances that President Biden could veto the bill to end the programs An update on the Supreme Court's ruling on the student loan cancellation plan When I think they'll really end the student loan payment pause Why student loan borrowers can still benefit, despite the uncertainty Links mentioned: Consolidate your federal student loans
Keeping up with how student debt is changing in this country can be a headache. That's why I want to help you figure out how to use the existing system to your benefit right now in ways that could be life-changing. Today, I'm answering quite a few listener questions — lots of our listeners had Parent PLUS Loans on their minds, and maybe you do, too. Then, I dive into the Biden Plan for “free public college,” which may not be exactly what it sounds like, but you could still massively benefit if you set up a plan that uses your current situation to your benefit. In today's episode, you'll find out: What is the double consolidation loophole Advice on Parent PLUS Loans for parents Does the advice apply to private student loans If you should continue with the loophole method How to navigate student loan repayment as things continue to change Whether you should file your taxes separately or joint-file How much the new tax plan could cost Biden's plan for “free public college” and how to use it to your advantage How to provide an inheritance to your kids How to pay back your student loans Links mentioned: Got a student loan question? Leave me a voicemail Parent PLUS Loan double consolidation loophole Get a student loan plan StudentAid.gov Like the show? There are several ways you can help! Follow on Apple Podcasts, Spotify or Google Podcasts Leave an honest review on Apple Podcasts Follow on Facebook, Twitter, or LinkedIn Feeling helpless when it comes to your student loans? Try our free student loan calculator Check out our refinancing bonuses we negotiated Book your custom student loan plan Do you have a question about student loans? Leave us a voicemail here or email us at help@studentloanplanner.com and we might feature it in an upcoming show!
Have you considered a Parent PLUS loan for your child's college loan? What are the benefits and risks?Seeking financial counsel? Check us out at Capitalcoaching.net and see how we can provide financial coaching with a personal touch.You can share your ideas at financesand.net and leave a review at Apple Podcasts by going to the bottom of the page and choosing write a review.Want to start your own podcast? Check out Buzzsprout here!https://www.buzzsprout.com/?referrer_id=819454.I went to school so you don't have to!Thanks for listening!
The holidays are a great time to think about the gift of education. For all the parents who have borrowed on behalf of their children to ensure they had an education, we want to give you a round of applause. Parent PLUS loans can add a layer of financial stress. Senior Student Loan Advisors Lauryn Williams, CFP®, CSLP®, and Meagan McGuire (Landress), CSLP®, dedicate this episode to the 3.4 million borrowers of Parent PLUS loans. Whether you're a parent with Parent PLUS loans or you're a student and your parents have Parent PLUS loans, this episode is for you. In today's episode, you'll find out: How 529 plan contributions make a great holiday gift The average Parent PLUS loan balance per borrower How double consolidation could have qualified Parent PLUS loans for the PSLF Waiver Repayment options for Parent PLUS loans, including PSLF Who's responsible for repaying Parent PLUS loans Can you transfer the Parent PLUS loan to your child What interest rates are usually available for Parent PLUS loans Why Parent PLUS loans are best suited for middle-class families The application process for Parent PLUS loans How a pre-debt consultation can help you avoid painful student loan repayments after graduation How community property states treat Parent PLUS loans and why where you live matters for future planning When do student loan payments begin for Parent PLUS loans When should you start paying off your student loans The four different repayment plans available under the income-driven umbrella How Parent PLUS loan borrowing works if you have multiple children Like the show? There are several ways you can help! Follow on Apple Podcasts, Spotify or Google Podcasts Leave an honest review on Apple Podcasts Follow on Facebook, Twitter, or LinkedIn Feeling helpless when it comes to your student loans? Try our free student loan calculator Check out our refinancing bonuses we negotiated Book your custom student loan plan Do you have a question about student loans? Leave us a voicemail here or email us at help@studentloanplanner.com and we might feature it in an upcoming show!
Some Federal student loans die with you, but private and Parent PLUS Loans have important consequences borrowers need to consider.
Some Federal student loans die with you, but private and Parent PLUS Loans have important consequences borrowers need to consider. The post What Happens To Your Student Loans When You Die appeared first on The College Investor.
As the country gears up for the midterm elections, Into America is traveling to different HBCUs across the South for a special series called, “The Power of the Black Vote.” We're talking to young Black voters about how they're shaping America, and about the issues that matter to them the most. This week, we travel to Durham's North Carolina Central University to discuss how the student debt crisis is affecting Black students' lives and their plans for the future. As the cost of higher education continues to balloon, Black borrowers are taking on more student loan debt than their white peers. And this is impacting families too: Black parents are more likely to take out a Parent PLUS loan to finance their child's education. Over the summer, President Biden announced his administration's plan to forgive up to $20,000 for federal loan holders, but the move fell far short of what many activists and organizations, including the NAACP, had been pushing for.On this episode, we visit Kamree Anderson and Dena Fischer, who share their experience with repaying Parent Plus Loans. Then, host Trymaine Lee speaks with Jonah Vincent, founder of the youth-led organization No Cap, and current NCCU students Heavyn Smith and MarQuay Spencer-Gibbs about how student debt shapes their lives and their perspective for the upcoming midterm elections.For a transcript, please visit msnbc.com/intoamerica. Follow and share the show on Twitter, Facebook, and Instagram, using the handle @intoamericapod.Thoughts? Feedback? Story ideas? Write to us at intoamerica@nbcuni.com.For More:The Power of the Black Vote: Taking Back the ClassroomNBC News survey finds 2022 midterms have entered uncharted territory NCCU Sound Machine marching band recordings courtesy of rickeytherealist1
Dave Ramsey & George Kamel discuss: Are land leases a good idea, Paying off a parent plus loan with a 401K, What to do after Baby Step 7, Is a career change a good idea. Support Our Sponsor: Christian Healthcare Ministries Zander Insurance Want a plan for your money? Find out where to start: https://bit.ly/3nInETX Listen to all The Ramsey Network podcasts: https://bit.ly/3GxiXm6
George Kamel discusses: How to pay off over $600k in parent plus loans, What a 13-year-old should do to build wealth, A trucker who wants to buy a new semi, The fear of using your savings to pay off debt, Why you should pay off debt before you invest, What to do when you are upside down on a car loan? Support Our Sponsor: Christian Healthcare Ministries: https://bit.ly/2XBZfE3 Splash Financial: https://bit.ly/2XAdOIf Want a plan for your money? Find out where to start: https://bit.ly/3nInETX Listen to all The Ramsey Network podcasts: https://bit.ly/3GxiXm6
Today, Rob offers wisdom on why to avoid parent plus loans. To support this ministry financially, visit: https://www.oneplace.com/donate/1090/29
On this episode of Financially Naked: Stories from The Financial Gym, two of our trainers sit down to Gymsplain student loans. Mike, Level 2 Certified Financial Trainer, is joined by Joy, Head of Trainer Academy and Certified Financial Trainer.The general consensus around The Financial Gym: student loans are really no big deal. Common feelings surrounding student loan debt are often fear, anxiety, and shame. Joy and Mike hope to demystify these loans and provide some tips for your debt payoff journey. You don't have to scale the mountain of student loan debt before enjoying your life. **Please note this episode was recorded before the government's decision to extend student loan payment pause through May 1, 2022. For more information on this check Federal Student Aid website. The advice still applies! Podcast Notes There are two main types of student loans: Federal Loans - provided by the government based on your FAFSA resultsPrivate Loans - provided by a private lender like a bank or company FEDERAL LOANS: there are a few different types of federal student loan options. Subsidized: government pays the interest while you are in school Unsubsidized: You're responsible for the interest accrued while in school Parent Plus: Loans your parents take on your behalf Grad Plus: For graduate students based on a federal aid package All of these federal loans have various repayment options. Standard, income-based, and gradual repayment plans are some examples. Income-based repayment plans all come with loan forgiveness later down the road (20-25 years). Public Service Forgiveness is available if you are employed by a U.S federal, state, local, or tribal government, or not-for-profit organization. This is a 120-month or 10-year program. The Federal Government put an administrative pause on federal loans the last two years as part of COVID relief efforts, which is a huge benefit of federal loans. You can apply for your own deferment or forbearance if you are personally experiencing a hardship. Federal loans can be consolidated into one big federal loan. This opens up other repayment options and can simplify your payments. You can refinance your federal loans into private loans, if you wish. Though it is rarely recommended because you lose the flexibility and benefits that come with federal loans. Unlike other collections, student loans don't go away. You do have the option for loan rehabilitation. It's important to be prepared and organized for this process because you only have one chance with this program. A trainer can help get your ducks in a row. PRIVATE LOANS: Typically supplemental funds families take out if they don't have enough federal aid to cover the cost of school. They can be used to cover living expenses and fees and other school-related costs. These are more similar to a traditional loan because they are held by a private lender, bank or company that handles only student loans They are under no obligation to honor and forgiveness or other programs the government is offering with federal loans One perk of private loans is it is a competitive industry, so there are options for refinancing as your income and credit score increase. OVERALL THOUGHTS ABOUT STUDENT LOANS When it comes to student loans, the goal doesn't always have to be ‘get the balance to 0' Student loan payments are money you can't get back once you pay it. Instead of paying student loans off early, there are other financial priorities to focus on, depending on your situation. It could be high-interest debt, saving into an emergency fund, or investing for retirement. Student loans don't need to be an emotional burden or cause you stress. Federal student loans came about during the cold war. They wanted to encourage a population full of people with higher education to keep them competitive in the space race and other global affairs. Because there are no regulations around the cost of school, the price has gone up astronomically. There are a lot of issues within the workings of higher education and we carry that burden on our backs through these loans. It is absolutely okay to just pay the minimum. The government prefers you pay the minimum and use your money to stimulate the economy. Doing things like saving for retirement, buying a home, shopping at local businesses. Meet The Trainers Meet Joy Liu, Head of Trainer Academy and Certified Level 2 Trainer Meet Mike Poulin, Level 2 Certified Financial Trainer If you want one of our Certified Financial Trainers to work with you on a student loan strategy, book a complimentary consultation today!
In today's episode, Joe and Dave kick off the New Year with a discussion about the state of Parent Plus Loans and College Debt. They discuss why Plus loans are here to stay, and how to look at college debt with the large-purchase mindset. Thank you for joining us.
Debt Relief Attorney Rae Kaplan joins John Williams to talk about the federal student loan statute and why parent Plus Loans are beneficial. And Rae explains what to do now that student loan forgiveness won’t happen.
Debt Relief Attorney Rae Kaplan joins John Williams to talk about the federal student loan statute and why parent Plus Loans are beneficial. And Rae explains what to do now that student loan forgiveness won’t happen.
Lately, I've had an increasing amount of student loan consultations with Parent PLUS loan borrowers. More parents are looking toward retirement with a significant amount of debt from financing their children's educations. This dynamic can be stressful for parents hoping for a peaceful retirement after many decades of hard work. Parent PLUS loans can throw off even the best-laid plans for retirement.
We want to answer your questions about money. Email us and you may hear yours on the air: askpete@petetheplanner.com This week on the Pete the Planner Show, Peter and Dam- wait… no; Kristen! Pete and Kristen connect to throw down the gauntlet... Read More
Today's conversation is for the parents out there who are currently navigating the challenges of paying down student loans all while preparing their own kids' future. Do you actually have a solid plan to protect your kids from the massive debt burden you left school with? Listen in as our consultants Molly Laughter, MBA CFA, CFP®, and Lauryn Williams, CFP®, CSLP®, offer actionable strategies and tips for debt-straddled moms and dads. In today's episode, you'll find out... How just $25/month can make a big difference What is a 529 plan and how it can help with college savings 529 savings vs. a prepaid plan and how to choose How grandparents, friends, and others can gift money to a 529 Using community college to save on college costs Why it's better for the whole family to have the kids be involved in conversations regarding school How to handle Parent Plus Loans when you're just a few years from retirement The best money lessons Lauryn learned growing up What to do if you didn't grow up with great money messages Why paying down your loans as fast as possible might not be the smartest strategy for you Like the show? There are several ways you can help! Follow on Apple Podcasts, Spotify or Google Podcasts Leave an honest review on Apple Podcasts Follow on Facebook, Twitter, or LinkedIn Feeling helpless when it comes to your student loans? Try our free student loan calculator Check out our refinancing bonuses we negotiated Book your custom student loan plan
We want to answer your questions about money. Email us and you may hear yours on the air: askpete@petetheplanner.com This week on the Pete the Planner Show, Peter and Dam- wait… no; Kristen! Pete and Kristen connect to throw down the gauntlet... Read More The post Ep. 430: Colleges Running Up the Tab on Parent PLUS Loans appeared first on Pete the Planner®.
We want to answer your questions about money. Email us and you may hear yours on the air: askpete@petetheplanner.com This week on the Pete the Planner Show, Pete and Damian drop in with a new intro! You've got to hear this. No... Read More
We want to answer your questions about money. Email us and you may hear yours on the air: askpete@petetheplanner.com This week on the Pete the Planner Show, Pete and Damian drop in with a new intro! You've got to hear this. No... Read More The post Ep. 426: Parent PLUS Loans Are the Bane of Our Existence?! appeared first on Pete the Planner®.
After connecting with her in a slack group, I knew Sofie had a story that needed to be shared widely! A first-gen Latina, Sofia Bastida had very supportive parents who wanted to her to pursue what they had not - graduate college and get her degree. This was a dream they wanted her to fulfill at any cost and it put them over $100,000 in debt from student loans. Sofie talks about her upbringing in California and how moving to NYC changed her views about m money and gave her a sense of independence. But the hardest thing she's done and the thing she's most proud of was taking ownership of the debt she put her mother in for her college education. Listen to Sofie talk about it all and sum up the tips she thinks anyone with debt should have in their back pocket!Follow Sofia on Instagram and LinkedIn:IG: https://www.instagram.com/savingwithsofie/LinkedIn: https://www.linkedin.com/in/sofiabastida/★ Support this podcast on Patreon ★
This week's guest, writer Ashley Strahm, shares her family's experience paying for college with Parent PLUS Loans. Read More
David Carlson is answering all your student loan questions on this week’s episode of the Journey to Launch podcast. Previously featured in The Washington Post, The New York Times, Forbes, Slate, and NBC’s KARE 11, David is a personal finance author and speaker. In this week’s episode, David is discussing the truth and misconceptions about student loan debt, loan forgiveness programs, debt consolidation and more. In 2012, David launched his website Young Adult Money with a mission to help millennials earn more, save more, and live better lives. He recently started focusing on student loan debt because he and his wife had a combined balance of $100,000 after graduating college. David is on the path to becoming debt-free and is sharing his story and student loan debt advice with others along the way. In this episode you will learn: Several misconceptions about student loans The truth about student loan refinancing The good, bad, and ugly about the Public Service Loan Forgiveness Program How taxes and forgiveness of loan debt are related The pros and cons to Parent Plus Loans, and more Get a custom student loan payoff plan by clicking here and check out what my buddy Travis over at Student Loan Planner has to offer
In today's episode Robert Farrington, the College Investor, shares with us why he believes Parent Plus Loans are the worst student loans out there. HOW ROBERT LIVES FRUGALLY IN SAN DIEGO But before we did a deep dive into all things student loans and paying for college, we learned a little more about Robert, his money story and how he and his wife are able to live a filling frugal life in one of the most expensive cities in the United States. Some of the ways Robert and his wife save money is by only having one car. A few years ago Robert's 10-year old car was on its last leg and looking at a few thousand dollars on repairs. So they decided to just go down to one car. Robert owns his own business and so his wife often drops him off if he needs to go somewhere and if their schedules conflict, he will take an Uber. Another way he and his wife save is that they live in a walkable neighborhood. They can walk to the store or many of the other places they need to frequent. Robert says the best way they are able to live frugally is that they attack their goals as a team and recognizing each other's strengths. His wife is the deal finder and the "nitty-gritty financial analyst.". Robert's strong suit is ways to make income and entrepreneurship. ALL THINGS STUDENT LOANS When it comes to student loans, the one area where Robert thinks there is a lot of misinformation is in the area of Student Loan Forgiveness. What is so frustrating is to hear that "99% of people" get denied for forgiveness. The truth, Robert says, is that the programs are working as they should be and the problem is that people are applying for forgiveness when they are ineligible or have not followed the rules to apply. People only began becoming eligible in 2017. In that year only 90 people qualified for forgiveness. As each year passes, more and more people become eligible. Robert estimates that by 2027, 400,000 people will be eligible to apply for forgiveness. If you want to make sure you have done your paperwork correctly so that when it is your time to apply for the forgiveness, you can always check the status on your secure mailbox at the Fed Loan website. Robert reminds us, "No one will care about your money more than you." THE FIRST STEP IN GETTING OUT OF STUDENT LOAN DEBT The very first step Robert recommends to get out of debt, not just student loan debt, is to get organized. You must know where you are, what your balances are and what your monthly payments are. Check your credit reports to make sure you have the current information for all of your loans. Make sure there are not any out there you have forgotten about or that are possibly going to an old address. Then, he says studentloans.gov is a great resource to help figure out the best repayment options. You can also check out his new site, loanbuddy.us as well. PARENT PLUS LOANS Robert advises that parents should NEVER, Ever, ever (one last ever for emphasis) borrow money to pay for a child's education and that Parent Plus loans are the worst thing you could do. Robert believes parent plus loans are the worst for many reasons but primarily because: Parent Plus Loans do not have the same forgiveness or repayment options as other student loans. Parent Plus Loans have no income-driven repayment option. The parent is the one responsible for the loan and the student has no legal responsibility for them. If in default, the government can garnish a parents social security. If a parent is having difficulty repaying the Parent Plus Loan there is one, and only one option. They can consolidate the loans into a new Direct Consolidation Loan and that opens up ONE Income-Driven Repayment Plan, the Income Contingent Repayment (ICR). With an IRC plan, the borrower's payment is 20% of the discretionary income. If the parent's income is extremely low, this could possibly be equal to zero. If the parent is in default, they have one opportunity to get the loan out of default via the Student Loan Rehabilitation program. This is only available one time. The other option is for the parent to wait it out at 25 years when they will be forgiven - or upon death. ROBERT'S RULE OF THUMB FOR BORROWING FOR COLLEGE Never borrow more than the total of your estimated first year of income. For instance, if your first career upon graduation pays $40,000, you should borrow more than $10,000.00 per year for four years of college. Student loans should remain the LAST option to pay for college. Look into other methods first: Scholarships and Grants Local orgs and non-profits Parents/family savings Self-pay/cashflow Work-study Then, once each of these are exhausted, student loans (keeping the first rule of thumb in mind.) Robert also suggests if you have a special needs child, look into the 529(a) (529 Able plan). APPLYING FOR SCHOLARSHIPS Robert says the biggest mistake young people make when applying for scholarships is by not following the instructions and/or completing the applications incorrectly. So, if you are applying for scholarships, take care to make sure you have followed all of the instructions and perhaps have another person double check your application/essay. ROBERT ON THE FINAL QUESTIONS: Robert's Favorite Childhood Money Lesson - If you want something, find a way to earn the money to pay for it. The Lesson He Wants to Pass on to His Children - How to save and how to earn. ROBERT'S FAVORITE READ Never Split the Difference by Chris Voss WHERE TO FIND ROBERT thecollegeinvestor.com
Parent Plus Loans, Caveat Emptor with Travis Hornsby of StudentLoanPlanner.com Hey parents. If you've ever needed a healthy dose of reality when considering borrowing large amounts of money for college, you've got to listen to today's episode with Travis Hornsby. He's seen over 2000 different borrower outcomes of clients who have come to him and his fellow CFP® and CFA® ... The post Ep. 22 – Parent Plus Loans, Caveat Emptor with Travis Hornsby of StudentLoanPlanner.com appeared first on Avea Financial Planning, LLC | Tri-Cities WA | Financial Advisor.
Parent Plus Loans, Caveat Emptor with Travis Hornsby of StudentLoanPlanner.com Hey parents. If you’ve ever needed a healthy dose of reality when considering borrowing large amounts of money for college, you’ve got to listen to today’s episode with Travis Hornsby. He’s seen over 2000 different borrower outcomes of clients who have come to him and his fellow CFP® and CFA® ... The post Ep. 22 – Parent Plus Loans, Caveat Emptor with Travis Hornsby of StudentLoanPlanner.com appeared first on Avea Financial Planning | Kennewick, Richland, Pasco, Tri-Cities WA | Fiduciary Fee-Only Financial Advisor.
This week on "Off The Cuff," Justin, Stephen, Megan, and Joelle discuss the growing list of politicians running for the democratic nomination for president, and how they’ve responded to the idea of free college. Megan talks about a bill—dubbed the FAFSA Fairness Act—to help students who are unable to provide parental information on their applications, and details a significant change made to the language since it was introduced in the last session of Congress. The group also delves into a series of recommendations that NASFAA sent to a group of democratic senators to help address racial disparities in higher education, and Justin recaps a conversation he had with our SASFAA colleagues regarding issues with Parent PLUS Loans. Skip ahead three minutes to get right to the policy discussion. We hope to see you at our Leadership and Legislative Conference & Expo next week!
Most of what you read online about student loans tends to focus on struggling college graduates who can’t repay their debt. Difficulty finding a job, the costs of living like rent and a vehicle competing for those income dollars, and insanely high loan balances upon graduation, combine to make repayment seem beyond reach. But what about their parents? We hardly ever hear about the moms and dads who are stuck repaying Parent PLUS Loans for children that they put through college. According to an article on the web site Student Loan Hero, Parent PLUS loan debt currently stands at about $77.8 billion. On top of that, these loans have the highest interest rates among all federal student loans. For the 2017-18 school year, the rate is 7.0%, and older Parent PLUS loans could have rates above 7%. So in this episode of the podcast I wanted to talk about what parents can do to fit their loan payments more affordably into their finances.
Episode o4 That Putrifying Pestilence Known as The Parent PLUS Loan Minute 1: It all begins with the FAFSA. You will be expected to take out a Parent PLUS loan even if you get a zero EFC letter. Minute [2:30] A Parent PLUS Loan is a loan to your student that you are obligated to repay. If you don’t, your income tax refund can be garnished and your Social Security can be seized. Minute 4-7: If you need a Parent PLUS Loan, you likely can’t afford to repay a Parent PLUS loan. Parent PLUS Loans are expensive. They are not like direct subsidized loans, where the interest is covered by the American taxpayer during the time they are in college. The Parent PLUS Loan is much more expensive. It has a 4.25% origination fee. Interest for 2018 is set at 7%. Minute [6:20]: Average student takes 6 years to graduate; therefore, if your student takes the average amount of time to graduate and you take out $5000 per year, you will owe $30,000 at the end of their six years in college. Minute [7:00]: The student may be given a check for excess loan proceeds. If the student doesn’t need the money for tuition that semester, they may blow the money on a beach vacation or shopping and you won’t even know! Minute 8: Loan payments are due immediately, not upon graduation. If you can’t start making payments immediately, you can’t afford this loan. It’s true you can get a deferment on payments (not interest), but if the loan is not paid on time, your wages can be garnished, your income tax refund can be seized, and all except $750 of your Social Security can be seized. Minute [10:30]-[13:30]: What is the interest on $30,000? Roughly $12,000 plus $1,300 of origination fees. That is a monthly payment of $358.00. You need to ask yourself if you can start paying this money back today. If the answer is no, then the answer is clear, you cannot afford these loans. When you see the loan amount you are expected to take out in your student’s freshman year, you need to multiply that amount by six. The average number of years a student now takes to graduate. Bonus Content: Unsure of how to calculate how much your loan will cost you. Check out the calculators at https://studentloanhero.com/calculators/ (Student Loan Hero). Email us with questions if you are unsure as to which calculator to use to figure out your loan cost. Still don’t believe you have educational options? Check out our forthcoming book, Shun Student Loans and Derek Magill’s new book https://derekmagill.com/2018/05/20/putting-the-finishing-touches-on-create-your-career/ (Create Your Career).
Show Notes Summary Min 1 The application is free, but that doesn't mean the student aid is free Min [1:15] This podcast offers information about student loans and doesn't constitute legal advice Min 2 Colleges use the FAFSA to calculate each family's expected contribution (the “EFC”) Min 3 Each family should assess its own personal financial situation to see if it can afford the EFC Min 4 Family's unable/unwilling to save in advance of college are unlikely to be able to repay any loans advanced to them. Min 6-8 What you should consider if you have both low-interest credit card debt and savings and how you should treat retirement funds. Min 7-8 How much of your savings will the colleges expect as the EFC? Remember that any expected contribution is an annual contribution, not a one-time contribution Min 9-10 Colleges will seek to capture any savings of child to offset financial aid package Min 11 Parent PLUS Loans are expensive loans that may prove to be unaffordable for many families. Min [12:45] Your most important first step in college application/financing process is your family assessing for itself what it can afford to contribute towards each student's college education.
A brief summary of this episode
In this episode of the podcast we talk, again, to Christie Arkovich about student loan debt relief. Did your parents co-sign for your student loan? Did your parents borrow money to pay for your education? Federal Parent Plus loans are exactly that, money that mom and/or dad borrow so their child can go to school. In most cases, the child has an agreement to pay back mom and dad, but this agreement has no impact on the Federal Student Loan and its repayment. So what happens if the child cannot pay back the loan, in other words pay back the parents? Unfortunately mom and dad are still on the hook to the loan company. Christie has some good suggestions to help ease the pressure on mom and dad. Christie and I also talk about a new Fannie Mae program where the homeowner can borrow money secured by a second mortgage against their home, to pay off their student loans - basically converting student loan debt into mortgage debt. You'll hear why I think this is a HORRIBLE idea, and you'll hear Christie's take on Fannie Mae's offer to help student loan borrowers with this new loan product. If you have questions, or if you're struggling to pay back your student loans, you can contact Christie at 813-258-2808, www.ChristieArkovich.com, www.TampaBankruptcyLawyer.com. Or you can reach me at Shawn@YesnerLaw.com or www.YesnerLaw.com
We begin our three part series, investigating Parent PLUS Loans. PLUS Loans are federal loans that graduate or professional degree students and parents of dependent undergraduate students can use to help pay education expenses. The U.S. Department of Education makes Direct PLUS Loans to eligible borrowers through schools participating in the Direct Loan Program. PLUS loans are easing to get but near impossible to get out from under. We pull back the curtain of PLUS loans in our three part series. Buyer Beware. Chip Wittrcok Co-Founder, www.CollegePrepMastery.com
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