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Grow Money Business with Grant Bledsoe


Sep 8, 2021

Having outstanding student loans at the age of 50 versus earlier in your career will have a very different impact on your financial status. In today’s episode, we have a distinguished guest who specializes in helping people over the age of 50 to repay their student loans. Erik Kroll, Certified Financial Planner® and the owner of studentloansover50.com joins us to explain different strategies to manage your student loans, as well as how that approach changes with time.

[02:02] Student Loans Over 50 – We start the conversation with a brief review of Erik’s background, the work he’s doing as a financial planner, and what lead him into specializing in student loans.

[04:45] Age and Student Loans – The differences between having student loans as a fresh graduate versus having student loans at the age of 50 and how our life priorities in come into play.

[08:28] Forgiveness – Erik dives into important considerations for student loan forgiveness, including different options, qualification criteria, and taxation.

[15:12] Accumulating Debt – Common patterns for individuals over 50 with student loans, including Parent Plus loans, post-graduate education, and career changes.

[22:03] Double Consolidation – Erik explains the process of utilizing consolidation and other strategies to reduce monthly loan payments.

[29:10] Rehabilitation – The path to rehabilitation and qualifying for forgiveness after your loans have gone to debt collection.

[34:18] Student Loans Over 50 Playbook – Erik shares his thoughts on what led him to create his eBook and what readers can learn from it.

[37:11] Recent Developments – Erik shares his take on some of President Joe Biden’s recently proposed loan forgiveness provisions.

[41:07] Private Loans – The pros and cons to a private refinance, and important things to consider when making this decision.

 

 

Resources:

Connect with Erik: LinkedIn: linkedin.com/in/erikkroll Website & Ebook: studentloansover50.com

Past episodes on Student Loans:

Episode #34: Why College Is So Expensive & How to Pay For It With Robert Farrington growmoneybusiness.com/podcast/episode-11-everything-health-benefits-with-andrea-murphrey-pzzen-g67ey-ss2ty-s4854-933az-z4ly8-34898-fanhf-tez4y-cswex-s2t4a-lpbw4-b9sjs-wwtln-f2ltc-a4x47-mdg83-a8gh3-f5fje-d7sn5-22dy3-y3k44-2a3b7

Episode #90: This is Exactly What to Do With Your Student Loans growmoneybusiness.com/podcast/ptkre5734rgwc54-76ljd-pspcd-xjl22-lxhcs-dx3w5-dgzp2-kjz2x-57e67-mcz3k-wnrkw-8h6dh-t6hph-7n739-2h5cn-t6nay-jdp3r-tatwr-ljb5n-4rx52-n6phz-e7nzp-yfzt2-2c6x6