Drowning in Student Loans? You’re Not Alone
Ever lie awake worrying your student loan payments could tank your credit or drain your retirement? With $1.6 trillion in debt crushing 45 million Americans, the stress is real—especially for parents with Parent PLUS loans or graduates scraping by. But you can take back control with practical steps to lighten the load.
1 in 6 Borrowers Are Delinquent: Student debt has spiked 80% in a decade, and 15.6% of borrowers are falling behind, risking credit damage or even Social Security garnishment.
Parents Pay a Steep Price: Parent PLUS loans offer little flexibility, forcing many to dip into retirement savings.
Confusing and Risky System: Repayment options are hard to navigate, and falling behind can spiral into bigger financial trouble.
Starting May 10, 2025, Income-Driven Repayment (IDR) plans reopen (per April 2025 Department of Education updates). These plans tie payments to your income and family size. Married? File taxes separately, and your spouse’s income won’t count—potentially cutting your bill big time.
Check IDR Eligibility Head to studentaid.gov to explore IDR plans like IBR or PAYE. They make payments affordable based on what you earn. Prep now for May 10 applications.
Refinance with Care Refinancing might lower your interest rate, saving thousands. Compare offers on Credible, but don’t trade away federal perks like IDR or loan forgiveness.
Find Extra Cash Use Mint or You Need A Budget to track spending for 30 days. Cut one small expense—like a $10 subscription—and put it toward your loans. Every bit shrinks your debt faster.
Student loans shouldn’t stop you from saving for retirement or sleeping soundly. As a financial advisor, I create custom plans to help families and graduates break free from debt.
Take the First Step: Book a free consultation today. Let’s build a plan that fits your life.