Student Loan Repayment Plan

Bianca is currently on an income driven repayment plan. After 25 years, her debt will be forgiven - but she'll have to pay interest. She and James are looking at three to four years of flexibility in what they're doing. Bianca: "I don't dislike my job, but it's not something a lights me up every day"

Play episode from 08:33

chevron_right

Transcript

chevron_right

Transcript

Episode notes

Student loan debt—the gift that keeps on giving with interest, stress, and the overwhelming feeling that you won’t be able to pay them off. The larger the loan, the heavier the weight on your shoulders, but in today’s episode, we go over how to start lightening your load. Focusing solely on your debt makes it seem like there's no way out, but financial freedom is always achievable.

Today’s guests, James and Bianca, have $278,000 of student debt between them. This debt has followed them for a while, and their original payoff plan would last for another twenty-four years. Despite their debt, James and Bianca have a strong financial portfolio with ten cash-flowing rental units. They make over $17,000 a month with only $7,300 in expenses. Even with a strong financial foundation, these student loans have loomed over them and kept them from true financial freedom.

Scott and Mindy introduce James and Bianca to ways they could pay off their debt in the next few years and completely shift their mindset on defeating six-figure debt. Instead of having a burden on their backs for another twenty-four years, they could get their time back and be debt-free sooner. After listening to this episode, there’s a good chance you could too!

In This Episode We Cover

Living on less than half of your income and how to maximize your unused funds

Income-based repayment plans and determining the best loan payoff plan for you

Reallocating your portfolio and finding creative ways to pay off your debt

Time management and how to know when you should outsource or delegate tasks

Preparing for a career shift and how to create a solid financial foundation

Getting into a debt-free mindset and finding financial independence even faster

And So Much More!

Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding