Student loans are a bigger part of our lives. This class will give you the tools you need to make an informed student loan repayment decision.
You will come away from this course with a very good understanding of repayment options for student loans, especially income-driven repayment options. My approach is to go beyond the academic and talk about what the real world might look like. You will be treated like one of my clients. I will go through examples and let you know of pros and cons and where borrowers get into trouble.
You will be able to calculate your income-driven monthly payment and how your real world life might change that payment.Your will be better able to manage and plan for your student loans, so they interfere with your life as little as possible.
You will have a good idea of what loan forgiveness might look like with income driven repayment and what things to think about even before the debt is taken out. This opens up a lot of different options for clients and their families.
Don’t be caught off-guard. Interest and compounding can be your greatest friend or your worst foe. Know your enemy. Know your options.
Student loans are too big and too complex to ignore. You need to be prepared for the burden that is student loans. Income-based repayments are becoming our nation's answer to the student-loan crises. Know what you are getting into.
We will lay the groundwork for learning the details of income-driven repayment. We will go over what you will need to know as we work through income-driven basics. We will introduce the following repayment options, their history, and who they might be for: standard, graduated, extended graduated, income-contingent, income-based, new-income based, pay as you earn, and revised pay as you earn (IBR, ICR, PAYE, REPAY)
You will not be required to actually do calculations to learn how income-driven repayment options work, but we do go into some detailed numbers in a very palatable, easy-to-understand way. You will be able to calculate your monthly payment yourself by learning to calculate discretionary income.
We will expose you to another example with a different borrower profile. You will know the pluses and minuses of the major income-driven options, including possible loan forgiveness.
In this section we look at the different tax-filing options of IBR and how different filings might affect your repayment decision. We show how you might face a tradeoff between saving on taxes vs. reducing your monthly payment, among other considerations.
10 Question Quiz
Mark has over 14 years experience in financial planning and investing. Mark specializes in helping Gen X parents prepare for and fund college; as a result, he has extensive experience advising on student loans. Mark has been published and quoted in major publications regarding education funding and student loans. Mark loves helping his clients succeed making the complex simple, to help them most of what they have. He hopes this class does the same for you.