Catching Up to FI
Banishing The Burden of Student Loan Debt | Travis Hornsby | 122
Feb 16, 2025
Travis Hornsby, the founder of Student Loan Planner, shares his expertise on navigating the complex landscape of student debt. He highlights how the crisis now affects older borrowers and offers smart strategies for repayment and forgiveness. The discussion touches on the impact of recent government policies and the challenges of private loans. Travis emphasizes the importance of professional advice, especially for those in low-paying careers, and explores the potential of the Save Plan to ease financial strain. This conversation is a must-listen for anyone grappling with student loans!
01:07:26
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Quick takeaways
- The student loan crisis now significantly affects borrowers in their 40s, 50s, and 60s due to rising education costs and complex repayment options.
- Understanding the distinction between federal and private student loans is crucial for borrowers to evaluate their financial responsibilities and potential outcomes.
Deep dives
Changing Demographics of Student Loan Borrowers
The landscape of student loan borrowers has shifted, with a significant increase in borrowers over the age of 35. Previously, student debt was predominantly associated with younger graduates, but now pre-retirees in their 40s, 50s, and even 60s are grappling with repayments. This change can be attributed to rising education costs and the economic fallout from events like the 2008 financial crisis, which prompted many individuals to seek further education as a remedy for job insecurity. As a result, numerous adults have accumulated substantial debt without necessarily achieving the financial outcomes they intended.
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