Everyone's Talkin' Money Ask Shannah: Dealing with Student Loans and Debt
In this Ask Shannah episode, I'm tackling two complex questions about student loans. Everything from borrowing money from your 401(k) to pay off your student loans, to dealing with student loan debt when you're in a relationship.
In This Podcast Episode:
Thanks for all the great #AskShannah questions that are coming in. As always, remember you can always submit a question anonymously so I won't disclose your name when I'm reading over the question.
I'm covering two questions on this episode that I think most of us could relate to in some way. As a reminder, they call this personal finance because it is just that - personal. When you're making a money decision, you should weigh the pros and cons and then come to a decision that feels good to you and makes sense based on your lifestyle.
- My question to you is, what benefits (or drawbacks) could there be if I were to take a loan from my 401(k) to pay off my student loans?
- Which leads me to my question.. Am I wrong to think that having him put some money in a high yield savings account, could help him to pay off his student loans faster due to compounding growth?
Tune in to hear my thoughts and feel free to send me your own #AskShannah question for a future episode.
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