Student loans are one of the hottest financial topics in America right now thanks to the increasingly high cost of higher education. Borrowing money to pay for school has grown in popularity over the years, but such borrowing can have long-lasting consequences after graduation. In part one of a two-part podcast, we take a look at what potential borrowers need to know when considering taking out a government-funded student loan. The episode guests are Jim Sullivan, a CPA who is a board member at nonprofit credit counseling agency Consumer Debt Counselors, and Melissa Towell Maguire, who is a student loan counselor for the organization. Part two will cover what borrowers need to know about private student loans.
What you’ll learn in this episode:
- The difference between government student loans and private student loans.
- The basic payback period and interest rates of government student loans.
- What to do when you get your first student loan statement after graduation.
- An overview of the various alternative repayment programs.
- What CPAs need to know in order to help clients deal with student loan debt.
Play the episode below: