Student loans are an enticing way to cover the cost of education. With over a trillion in student debt distributed among the students of America and wages stagnating, however, the student loan picture for those seeking higher education is relatively bleak. For this reason, most students are better off avoiding student loans altogether if possible.
If there’s one thing we know for certain in life, it’s that change is inevitable. And while we recognize that we will walk through different phases and reach multiple milestones, we often don’t realize the financial impact they can have on our lives. Many aspects of life are outside of our control, but one thing you can control is how prepared you are for life’s biggest moments.
Most physicians prefer to get right to the point and don't care for all the fluff. They expect a short, concise explanation. After all, they are busy people so time is of the essence. With that in mind, I created a 5-page powerpoint style guide that explains how Public Service Loan Forgiveness (PSLF) works.
Having helped several clients overcome their own set of student loan problems, I decided the best way to get in front of the issue is to make more borrowers (and their parents) aware of what pitfalls they should be avoiding. Today's blog article will kick-off by examining the 4 most common student loan mistakes and what you can to do to avoid those landmines. Then, I present 2 case studies to show you how the numbers crunch out.
The impact of student debt borrowing decisions and how to pay for college, even at the beginning stages, is substantial. For my client, Anne, we are talking about a difference of $94,100. It's why college planning is essential for families with college-bound kids. Especially when your kid wants to pursue a higher cost degree like a doctor, lawyer, veterinarian, or pharmacist. Regardless of career path, the economics of making sound choices, when it comes to paying for college, will have a dramatic impact on your child's adult life.