Hello! Today, I have a great article from Right Hand Money Man. He is a millennial who, along with his wife, devoted the first two years of their marriage to getting out of debt and on a strong financial footing. His education is in finance, but his heart is for people. He devotes a ton of energy to helping people have clear vision for their finances and develop manageable steps to achieve it! Below is his guest post.
When I say “Student Loan Forgiveness Program,” too many people hear “Get out of debt free card.” In all the political and media discussion of student loans, it can be tough to cut through the noise to understand exactly what these programs are. What is the best approach to paying off student loans?
A growing trend among millennials is the assumption that student loan forgiveness is the best way to take care of student loans. For too many, this has just become part of their financial plan.
The truth is for the clear majority of you there is a MUCH better strategy you can employ for getting rid of your student loans. I have nothing against these programs existing, but for your sake I don’t want them to be your goal in paying off your loans.
In this post, I hope to help you understand more of the ins and outs of these programs using two of the most popular ones as examples, and to convince you that they don’t need to be your plan A. [Read more…]