Got Parent PLUS Loans? Prepare for the Coming Cliff

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. You can listen to the podcast wherever you get your podcasts: Listen on Apple PodcastsListen on Google PodcastsListen on SpotifyLet'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 Borrow7 Ways to Get Free Money for College5 College Majors With the Worst Employment Rates — and 5 With the BestTop 20 Colleges and Universities That Hire for Flexible Jobs10 Colleges Where Tuition Is Free10 Things College Students Should Learn About MoneyGood Jobs That Don't Require a College Degree9 Colleges That Offer Free Tuition for Seniors8 Ivy League Colleges That Offer Free Online CoursesFree College Courses for Seniors in Every StateCan't Afford a College Degree? Consider Certification and a New JobWhat 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 Loans11 Ways to Pay Off Student Loans Fast5 Ways to Avoid Drowning in Student Loan Debt if You Drop Out of CollegeHow to Get Free Help With Your Student LoansHow 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. WebsitePodcastInstagramTikTokTwitterDon't listen to podcasts? A podcast is basically a radio show you can listen to anywhere and anytime, either by downloading it to your smartphone or by listening online. They're awesome for learning stuff and being entertained when you're in the car, doing chores, jogging or riding your bicycle. You can listen to our latest podcasts here or download them to your phone from any number of places, including Apple, Spotify, RadioPublic, Stitcher and RSS. If you haven't listened to our ...

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