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Jill on Money with Jill Schlesinger
Saving Our Son From Student Loan Hell
Dec 18, 2024
A couple grapples with their son's overwhelming $96,000 student loan at a staggering 10% interest rate. They explore financial strategies to navigate high debt while supporting his education out of state. Following a job loss, they reconsider their retirement plans amidst rising expenses. The complexities of funding education and equitably supporting siblings surface, alongside discussions on refinancing options. The importance of family support and smart budgeting shines through as they aim for long-term financial stability.
25:15
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Quick takeaways
- Family support can significantly alleviate a young adult's student loan burden by providing financial assistance at lower interest rates.
- Encouraging young adults to participate in budgeting and financial literacy is crucial for their long-term independence and debt management.
Deep dives
Understanding the Importance of Life Insurance
Life insurance is essential for providing financial security to loved ones in the event of one's passing. With affordable options available, such as policies starting at $292 per year for $1 million in coverage, individuals can ensure their family's ongoing expenses or future needs are met. The discussion highlights the ease of obtaining life insurance online, which often eliminates the need for extensive medical exams, making it accessible for many. Having such protection gives peace of mind, knowing that someone will be financially secure in difficult times.
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