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All Things Recession, Part 3 with Brock
Manage episode 333388087 series 3003631
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Today, we’re going to dive into student loans, the moratorium, and types of debt. Student loans, although they are considered a “responsible” debt, can still seem crippling.
Here are some things to consider concerning student loans:
- If your loans aren’t federal, then the moratorium on interest and collections does not apply.
- If you refinance or consolidate your federal loans, the moratorium won’t apply.
- If you continue to make payments through the moratorium, there will be less principal to charge interest on when interest does kick back in.
If you’re considering college right now, get in touch with alumni, people in the field you want to work in, and the financial aid department at a local community college before enrolling. Make sure that it makes sense for your goals and your situation. More schooling doesn’t automatically mean more pay.
We’ve been gifted some flexible time to revamp how we want to prioritize our debts, so do your research and understand that the college-to-career path isn’t the only valid path.
We cover ALL of this in the “Get Your Finance Sh*t Together” self-study course at confidentmoneypodcast.com!
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DISCLAIMER: I am not a financial advisor and this is not financial advice. My podcast is for educational purposes and is my personal opinion only. To make the best financial decision for your situation, please do your own research and if needed, seek the advice of a fee-based, fiduciary.
Music credit: Neon Fairies by Wolves
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