Michael and Brady discuss the significant burden of student loans on Americans and delve into current strategies for managing this debt while still achieving personal and financial goals. They explore the misconceptions surrounding student loans, differences between federal and private loans, and the importance of utilizing loan forgiveness programs. The episode also provides a comprehensive understanding of recent legislative changes affecting the SAVE plan and its implications on borrowers. Listeners are encouraged to manage student loans strategically and consult with certified professionals to optimize their financial health.

Key Takeaways:

• Is reducing your monthly minimum required payment for your student loans possible?

• How is the student loan legislature going to change in the future?

• What advantages does working with an advisor offer in terms of minimizing your student loans?

Key Timestamps:

(00:00) - The Evolving Landscape of Student Loans

(05:54) - Federal vs. Private Student Loans

(10:01) - Student Loan Debt Across Professions

(21:51) - Borrower Considerations

(25:24) - Student Loan Forgiveness

(33:00) - Understanding Federal Student Loan Interest

(36:45) - Income-Driven Repayment Plans

(43:30) - Case Study: Optimal Repayment Strategies

(54:08) - Legislative Changes in the SAVE Plan

(1:01:00) - What Borrowers Should Be Doing

Key Topics Discussed:

Financial Fortitude, Genesis Wealth Planning, Brady Hemmerle, Michael Acosta, financial wellness, wealth building, financial psychology, financial advisor, finance therapist, student loan debt, finance guidance for high earners, business owner finances, SAVE plan

Mentions:

Website: https://www.genesiswealthplanning.com/

Michael’s LinkedIn: https://www.linkedin.com/in/michaelracosta/

Brady’s LinkedIn: https://www.linkedin.com/in/brady-hemmerle-cfp%C2%AE-75043013a/

https://www.livingbalancesheet.com/lbsVision/lite/michaelracosta

This podcast is for informational purposes only and is not to be construed as tax, legal, or investment advice. Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary. Therefore, the information should be relied upon only when coordinated with individual professional advice. Guest speakers and their firms are not affiliated with or endorsed by PAS, Guardian, or (INSERT DBA or AGENCY NAME) and opinions stated are their own. Guardian, its subsidiaries, agents, and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation. All investments and investment strategies contain risk and may lose value.

Michael Acosta is a Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS). OSJ: 6115 PARK SOUTH DRIVE, SUITE 200, CHARLOTTE NC, 28210, 704-5528507. Securities products and advisory services offered through PAS, member FINRA, SIPC. Financial Representative of The Guardian Life Insurance Company of America® (Guardian), New York, NY. PAS is a wholly owned subsidiary of Guardian. (INSERT DBA or AGENCY NAME) is not an affiliate or subsidiary of PAS or Guardian. CA Insurance License # 0M50974. 6991809.1 Exp. 10-26