Mailbag: We have $146,000 in student loan debt, how do we pay it down?

HerMoney with Jean Chatzky

Jean Chatzky Her Money

Investing, Entrepreneurship, Business

4.8 • 1.3K Ratings

🗓️ 24 May 2024

⏱️ 20 minutes

🔗️ Recording | iTunes | RSS

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Summary

n this Mailbag, Jean talks to Patti and Patrick about the substantial student loan debt they’ve incurred on behalf of their daughter. They explore various ways to pay it down, including using a home equity line of credit or tapping into retirement funds. Jean gives detailed guidance on the best approach to consolidate the debt. The episode also touches on the broader financial responsibilities parents face, and the importance of open communication with children about the realities of debt. Join the HerMoney community! For the latest episode drops and financial news-you-can-use, subscribe to our newsletter at Hermoney.com/subscribe! Takeaways: When dealing with multiple student loans, consider consolidating them to secure a lower interest rate. Before tapping into retirement funds or other long-term savings to pay down student loans, consider the tax implications and potential penalties. Home equity lines of credit can be a viable alternative for paying down student loans, but compare interest rates and terms. Chapters: 00:00:00: Introduction 00:02:52: Details of Student Loan Debt 00:05:18: Interest Rates and Consolidation Options 00:07:52: Home Equity and Savings 00:13:38: Financial Planning and Parental Support 00:16:08: Next Steps The HerMoney with Jean Chatzky podcast is sponsored by Edelman Financial Engines. The podcast team and its host are neither employees nor clients of EFE, however, the show does receive fixed compensation and is a paid endorser and therefore has an incentive to endorse EFE and its planners. To learn more about the sponsorship, please visit PlanEFE.com/HerMoney. Please contact [email protected] if you would like to advertise on our podcast, and to learn more about Airwave, head to www.airwavemedia.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	You're listening to an Airwave Media Podcast.
0:06.0	Her money is proudly sponsored by Edelman Financial Engines.
0:09.0	Edelman knows just how important it is to be prepared for whatever life hands you.
0:15.0	Do you have a strategy to help protect your wealth and your family?
0:19.0	Visit plan EFE.com slash Her Money to learn more about what you need for your financial situation
0:26.2	with a complementary wealth checkup.
0:30.6	This episode is brought to you by Shopify. Looking to start a side hustle or become your own boss.
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0:39.0	Shopify has the industry leading tools to help you create, control and grow your own business.
0:43.6	So get serious about selling and get Shopify today.
0:46.5	Sign up for a one pound per month trial period at shopify.
0:49.5	co-deekk slash special offer, or lowercase. That's Shopify. dot code EK slash special offer.
0:57.0	Hey everyone, I'm Jean Chatsky. Thanks so much for joining me today on Her Money, where we talk about personal finance and how
1:05.1	money touches everything in our lives.
1:08.5	Today we are bringing you an extra special mail bag where I get to talk to a couple about a financial
1:14.8	difficulty they're having in their lives. Patty and her husband Patrick incurred
1:20.7	146,000 dollars in student loan debt while their daughter was in college and we're going to talk
1:28.0	about the best strategies to pay it down.
1:31.0	I am really loving doing these live mailbags with all of you. So if you'd like to jump
1:36.1	on a recording with a question of your own, as well as with your partner, your friend, your
1:41.7	mom, your dad, anyone else in your life to ask a question let us know at mailbag at her money
	...

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