Student loan debt is simply a part of college life now. With college tuition skyrocketing as wages stagnate, more and more people are turning to student loans to get an education. But that doesn’t stop the bill from eventually coming due, which is burying people under student loan debt for decades. Many people simply don’t understand how student loan repayment really works and what their options are when things go wrong.

Student loan repayment and debt

Joining Kelly this week is Jay Fleischman, a lawyer who has been helping people with debt problems, especially student loan repayment. Jay created the Student Loan Law Workshop, a place where attorneys can learn how to help clients with their student loan debt. Kelly and Jay talk about the impact of student loan debt, when you should seek help from a lawyer or tax professional, and what options you might have when you can’t pay your student loans.

Listen to Kelly and Jay talk about student loan repayment:

• The percentage of people who take out student loans and their average debt
• The total United States student loan debt
• The difference between private student loan debt and federal student loans
• The rising average college tuition costs
• The common myths about college tuition and student loan debt
• Some of the ways student loans can be confusing to understand
• How COVID-19 impacted student loan repayment
• What to do when you can’t pay your student loan debt
• Student loan forbearance
• Consequences of student loan default including wage garnishment
• Student loan forgiveness and cancellation options
• Defense to student loan repayment as a law
• Statute of limitations on student loan debt
• When should you ask for help
• Student loan refinance and repayment scams
• What parents should know about college tuition and student loan repayment
• How to lower your student loan debt from the very start
• Scholarships and tax credits to help lower student loan debt
• How student loans impact your taxes

More about Kelly Phillips Erb:

Kelly is the creator and host of the new Taxgirl podcast series. Kelly is a practicing tax attorney with considerable experience and knowledge. She works with taxpayers like you every day. One of the things that she does is help folks out of tax jams, and hopefully, keep others from getting into them.

Links mentioned:

Kelly’s Website – Taxgirl

Jay Fleischman’s website - Money Wise Lawyer

Jay Fleischman - Twitter

Jay Fleischman - Facebook

Jay Fleischman - Tik Tok

Student Loan podcast