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Episode 10: Are Student Loans Good Debt or Bad Debt?

Is student loan debt good or bad? This is a controversial topic because we hear all the time from colleges and universities that student loan debt is ‘good'. Still having loan debt can be stressful, especially if you owe six figures.

If you've ever wondered is student loan debt was better or worse than others or even how to turn your loan debt from bad to good, this episode is for you.

In today’s episode, you'll find out:

    • Which debt is worse, credit card or student loans?
    • What is negative amortization?
    • How much interest would you be paying at the end of say a PAYE plan?
    • How student loan debt accrues
    • How to change student loan debt from bad debt to good debt
    • Is student loan debt good debt or bad debt?
    • Is forbearance ever a good option?
    • Are graduate school programs good investments?
    • 6 Factors to look at to decide if a debt is good or not
    • Good debt is tax deductible.
    • How having a repayment plan in place can make life less stressful
    • How to determine if refinancing is right for you

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Comments

  1. Joanna January 29, 2020 at 8:01 PM
    Reply

    Thank you for this podcast! The accrual aspect of student loans is something I haven’t thought of before. After listening to this episode, I’ve been trying to find an answer to a new question I have, with no luck: If I were to refinance my student loans, does the interest continue to accrue in the same way as with the federal loan? Or will it be compounding instead? If it’s the latter, is it worth factoring that into the decision to refinance? (I have about 188k in federal loans.) Hope you can help me, thanks again!

    • Travis at Student Loan Planner February 2, 2020 at 2:21 PM
      Reply

      Joanna it would not compound. When you refinance you’re required to have a positive amortization, which means the interest charges declines with each successive payment

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