In this episode, we're talking about how parents help finance their kid's education. Specifically, we're going to discuss Parent PLUS loans and how they impact millions of Americans hoping to retire.
Americans above the age of 60 are drowning in student loan debt, both their own and that of their kids.
The number of people over the age of 60 who have student loan debt has sextupled since 2004, now at $125 billion.
Part of that debt is made of Parent PLUS loans: loans taken out by parents to help students. 3.7 million people of varying ages owe $108.5 billion in Parent PLUS debt.
If you're one of those parents, there's stuff you need to know. Because some options you now have to deal with PLUS loans will soon be going away. It's so serious, it's being called the PLUS loan cliff.
Sounds ominous!
Host Stacy Johnson is joined by financial journalist Miranda Marquit. Listening in and sometimes contributing is producer Aaron Freeman. Today's guest is Travis Hornsby, the founder and CEO of Student Loan Planner. He's going to help us navigate this confusing topic and tell us how to handle this debt.
Before we start, remember: We're not offering financial advice. So make sure to do your own research and consult your own experts before acting on anything you learn here. It's also important to note that Miranda has a freelance relationship with Student Loan Planner. She provides content for them on a contract basis.
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Let's talk about paying for college
Parent PLUS loans are a type of Direct loan. When loans for undergraduate students fall short of meeting funding needs, Parent PLUS loans can fill the gap. The student loan system is complicated, and it's important to understand how you can pay for college, whether you get loans or not.
Here's more information about student loans and paying for college, including ideas for getting a better return for your tuition buck in terms of jobs.
What to Know About Student Loans Before You Borrow
7 Ways to Get Free Money for College
5 College Majors With the Worst Employment Rates — and 5 With the Best
Top 20 Colleges and Universities That Hire for Flexible Jobs
10 Colleges Where Tuition Is Free
10 Things College Students Should Learn About Money
Good Jobs That Don't Require a College Degree
9 Colleges That Offer Free Tuition for Seniors
8 Ivy League Colleges That Offer Free Online Courses
Free College Courses for Seniors in Every State
Can't Afford a College Degree? Consider Certification and a New Job
What you need to know about student loans, including Parent PLUS loans
Student loan debt can feel overwhelming. However, there are programs for forgiveness. It's also important to understand the difference between private and federal student loans. Here are some resources you can use to learn more, both on Money Talks News and on other websites.
13 States That Could Tax Forgiven College Loans
11 Ways to Pay Off Student Loans Fast
5 Ways to Avoid Drowning in Student Loan Debt if You Drop Out of College
How to Get Free Help With Your Student Loans
How to Prepare for the Parent PLUS Cliff in 2025 (Miranda's article for Student Loan Planner)
Parent PLUS Loans: You might be eligible, but should you take one? (Miranda's article for Britannica Money)
Federal loans vs. private loans: Understanding student loan issuer types (Miranda's article for Britannica Money)
Federal student loans: Subsidized vs. unsubsidized loans (Miranda's article for Britannica Money)
Meet this week's guest, Travis Hornsby
Travis Hornsby is a speaker and the founder of Student Loan Planner, which he launched after helping his physician wife navigate ridiculously complex student loan repayment decisions. To date, Student Loan Planner has consulted on over $1 billion in student debt. Travis is a Chartered Financial Analyst and brings his background as a former bond trader trading billions of dollars. Trying to solve the student loan crisis brought him out of his first retirement at the age of 25.
He brings that same intensity to analyzing the best repayment paths for graduate degree professionals with six figures of student debt. Travis and his team have helped over 13,000+ clients save over $783 million dollars on their student loans, and he's been featured in NPR, New York Times, Bloomberg, U.S. News, Business Insider, Forbes, Rolling Stone, ChooseFi, Bigger Pockets, Money, and more.
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About the hosts
Stacy Johnson founded Money Talks News in 1991. He's a CPA, and he has also earned licenses in stocks, commodities, options principal, mutual funds, life insurance, securities supervisor and real estate.
Miranda Marquit, MBA, is a financial expert, writer and speaker. She's been covering personal finance and investing topics for almost 20 years. When not writing and podcasting, she enjoys travel, reading and the outdoors.
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