Will Trump's Latest Proposals Reduce Student Loan Debt? - 215

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2.3 • 681 Ratings

🗓️ 2 April 2019

⏱️ 48 minutes

🔗️ Recording | iTunes | RSS

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Summary

David Carlson (author, Student Loan Solution) discusses the student loan debt crisis and President Donald Trump’s plan to fix it, and Joe and Big Al answer listeners questions about contributing to a retirement plan without an employer match, doing in-plan Roth conversions, changing retirement accounts to protect investment properties and more. Transcript and show notes: http://bit.ly/YMYW-215

Transcript

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0:00.0	The president has a plan to fix the student loan debt crisis, which isn't just affecting young people.
0:05.2	According to the Consumer Financial Protection Bureau, as of 2015, 2.8 million people over the age of 60 have student loan debt.
0:13.5	And if you default on a federal loan, your social security benefits can be garnished.
0:18.1	So will the president's latest proposals to limit student loan borrowing,
0:21.6	simplify repayment, and provide loan forgiveness for all help with this crisis? David Carlson is the author of
0:27.9	Student Loans Solution, Five Steps to Take Control of Your Student Loans and Financial Life. And he joins us today to discuss it.
0:34.7	Plus, this week, YMIW listeners have many questions about their company retirement plans
0:40.1	and what they should do with them, including contributing to a retirement plan without an
0:44.0	employer match, doing in-plan Roth conversions, and changing retirement accounts to protect your
0:49.0	investment properties.
0:50.2	But first, let's talk about those student loans.
0:52.3	I'm producer Andy Last, and here are the hosts of Your Money Your Welf, Joe Anderson, CFP, and Big Al Clopine, CPA.
0:59.9	Alan, student loan debt.
1:01.5	Yeah, and that's a tough one.
1:03.5	If you think about it this way, a lot of people that get into student debt are younger.
1:07.4	They don't really know the impact of this debt, how it's going to kind of play out
1:11.9	over perhaps decades of their lives, and they sort of go into it blindly, and it's relatively
1:18.0	easy to get student loans, and it's a big problem, because people end up with big debts that
1:23.6	they really have no ability to pay. I took out student loans.
1:29.2	I went to University of Florida, and I thought the process was, I think, maybe a little bit too easy to get the cash.
1:36.8	Right.
1:37.2	Because there was a couple student loans that went to Key West with me.
	...

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