In this week's podcast, Matt Blocki, Chris Pavcic and Jamison Smith provide crucial insights into the world of student loans, catering to both parents preparing to send their kids to college and individuals already grappling with student loan debt. They stress the importance of financial stress tests, akin to those used in home purchases, to help individuals make informed decisions about housing expenses and loan amounts within their financial capacity.
On topic of student loans, they highlight the burden that loans can place on young adults, potentially hindering their financial success. They introduce the "one times your expected income" rule, emphasizing that school loan balances should align with anticipated incomes based on chosen majors.
The episode explores various repayment options, distinguishing between federal and private loans in terms of repayment terms and offering insights into loan refinancing. A significant portion is dedicated to unraveling the intricacies of the Public Student Loan Forgiveness (PSLF) and SAVE programs, outlining eligibility criteria and sharing real-life success stories.
Whether you're a parent planning for your child's education or an individual dealing with student loan debt, this podcast equips you with the insights needed to make informed financial decisions.
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