Getting a handle on your student loans is SUPER important. In this episode, we do a deep dive into some of the terms and concepts you should be familiar with.

 

[1:53] There are TONS of different loans when it comes to student loans - public, private, subsidized, unsubsidized etc

 

[2:34] What is the difference between subsidized vs unsubsidized loans?

• It depends whether you’re doing a graduate or postgraduate degree
• The government will pay your loan’s interest while you’re in an undergraduate degree
• While you are studying for your postgraduate degree - you are being charged interest on your loans.

 

[4:29] Chatting about the difference between private and public loans

• Private through a bank or another financial institution - your credit will be pulled, exactly the same as buying a car. There are a lot more restrictions on the loans such as qualifying for public service loan forgiveness (PSLF)
• PSLF actually isn’t that hard to follow as long as you are eligible
• • The reason so few people get it is they don’t understand how to do it
  • Qualified employer - anyone serving the organization is eligible
  • Payments for 10 years (120 qualifying payments)
  • Income based repayment program - must follow the payment plan
  • Only certain types of loan qualify - often good to consolidate your

 

[11:28] The people at the lender aren’t super helpful, but really people just tell them the wrong thing.

• Doctors could knock off 6 years off their payments
• People need to do their homework!

 

[13:5] Follow the rules!

 

[15:29] Most people don’t adequately do their homework, there are tons of companies out there that offer advice on this.

 

[16:11] Tell us about your debt story, we’d love to hear your debt story to give you free access to our debt destruction course!

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