Navigating Student Loans: Strategies for Managing and Paying Off Student Debt

In Episode 52 of Inspired Money, experts Mark Kantrowitz, Dr. Sonia Lewis, Caitlin Zaloom, and Rae Kaplan delve into effective strategies for managing student loans. They cover key topics like repayment options, loan consolidation, and refinancing, offering practical insights to tackle student debt. Kantrowitz discusses maximizing federal aid benefits, while Dr. Lewis shares tips for crafting manageable repayment plans. Zaloom explores the impact of student debt on family dynamics, and Kaplan provides legal advice for handling loan obligations. This episode equips listeners with essential tools for navigating the complexities of student loans.

🕒 Timestamps 🕒
00:00 - Introduction to Inspired Money Podcast
00:50 - Overview of the U.S. Student Loan Debt Crisis
01:44 - Who Can Benefit from this Episode on Student Loans
02:27 - Introduction of the Panel of Experts
04:02 - Mark Kantrowitz on Student Financial Aid and Scholarships
04:44 - Sonia Lewis on Student Loan Repayment Solutions
05:09 - Dr. Caitlin Zaloom on Student Debt and Middle-Class Families
07:03 - Hidden Consequences of Student Debt
09:24 - Mark Kantrowitz on Borrowing Guidelines for College
10:53 - Financial Aid Breakdown: Loans, Savings, and Income
13:04 - Dr. Sonia Lewis on Disparities in Student Loan Debt
16:00 - Rae Kaplan on Public Service Loan Forgiveness
19:17 - Dr. Zaloom: Is College Tuition a Good Investment?
23:36 - Loan Consolidation vs. Refinancing Explained
25:02 - Pros and Cons of Loan Consolidation
27:26 - When to Consider Student Loan Refinancing
31:12 - Dr. Sonia Lewis: Risks of Refinancing Federal Loans
34:03 - The Burden of Parent PLUS Loans
37:48 - Overview of Student Loan Forgiveness Programs
39:47 - Public Service Loan Forgiveness Success Stories
41:04 - Mark Kantrowitz on Income-Driven Repayment Plans
45:02 - FAFSA Simplification and Ongoing Challenges
51:01 - Sonia Lewis on Financial Trade-offs in Repayment Plans
54:31 - Importance of Financial Literacy in Student Loans
57:03 - Creating a Descriptive Budget for Effective Loan Management
1:00:02 - Federal vs. Private Student Loans
1:03:45 - Planning and Resources for Minimizing Student Loan Debt
1:05:15 - Balancing Work, Study, and Scholarships in College
1:10:00 - The Impact of College Completion on Loan Repayment
1:15:00 - Closing Thoughts and Resources from Panelists

🌟 Meet Our Esteemed Guests 🌟

Panelist bios

Mark Kantrowitz is a nationally recognized expert on student financial aid, scholarships, and college financing, and the author of 14 books, including bestsellers like How to Appeal for More College Financial Aid and Filing the FAFSA. With extensive experience in policy analysis, he has been quoted in over 10,000 media articles and frequently testifies before Congress on education-related issues.

Dr. Sonia Lewis is the founder and CEO of The Student Loan Doctor LLC, the first African American and woman-owned student loan repayment company in the nation, dedicated to helping borrowers develop repayment plans and achieve financial freedom. With over 14 years of experience, she is a sought-after expert who has shared her insights on platforms such as CNN, The White House, and Forbes.

Caitlin Zaloom is a cultural anthropologist and professor of Social & Cultural Analysis at New York University, specializing in the intersections of finance, technology, and economic life. She is the author of Indebted: How Families Make College Work at Any Cost and founding editor of Public Books, with her work featured in outlets like The New York Times and The Atlantic.

Rae Kaplan is a lawyer, author, entrepreneur, and radio personality dedicated to helping students and families navigate student loan debt and bankruptcy solutions. As the owner of Kaplan Law Firm, she has empowered thousands of Chicago families since 2001, providing financial freedom through legal expertise and compassionate guidance.

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Creative Collaborative Media Design

Episode Credits:
Host: Andy W
Animation and Design: Chad Lawrence
Executive Producer / Showrunner / Live Stream Editor: Bradley Jon Eaglefeather