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Do You Have High Student Loan Debt?
Student loan debt has reached astronomical levels in the U.S. Forty-Three million Americans carry an estimated $1.5 trillion in federal loan student debt and $119 billion in private student loan debt (according to a July 03, 2020 The Balance article “Student Loan Debt Crisis Breakdown”).
The financial burden of student loan debt can be a heavy burden to bear.
Slower debt payoff can make it more difficult to get ahead financially.
As a Financial Advisor/Financial Planner, with over 20 years of experience helping clients plan for a comfortable and rewarding retirement, I have noticed that many are still paying on student loans either for themselves or their children. Making high monthly student loan payments may prevent you from saving enough for a comfortable retirement or prevent you from achieving other important financial goals.
Did you know there are about 10 different repayment options for Federal Student loans that you may qualify for but most people don't know about? Some of the repayment program strategies lending institutions are not allowed to tell you about because some strategies involve tax advice (you should see your tax professional). For example, by using one strategy I was able to help reduce a client’s monthly loan payment by such a substantial amount that they were able to redirect the savings to their 401k to help meet their retirement income savings goal.
If you would like a financial plan that helps you plan for a successful and rewarding retirement, a plan that includes student loan repayment analysis, strategies and repayment options that can help you lower your student loan payments complete the information below.