No Result
View All Result
SUBMIT YOUR ARTICLES
  • Login
Sunday, October 5, 2025
TheAdviserMagazine.com
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal
No Result
View All Result
TheAdviserMagazine.com
No Result
View All Result
Home Financial Planning Personal Finance

Grad School Debt Holding You Back? How to Get It Under Control

by TheAdviserMagazine
3 months ago
in Personal Finance
Reading Time: 5 mins read
A A
Grad School Debt Holding You Back? How to Get It Under Control
Share on FacebookShare on TwitterShare on LInkedIn


Graduate school can boost your career prospects and earnings — but it can come at a steep price. Nearly half of grad students take out loans, with an average balance of $77,300, according to a 2023 report from the National Center for Education Statistics.

That debt can be tough to manage — it adds up fast. All grad school loans, whether federal or private, accrue interest while you’re in school, says Brittany Brinckerhoff, a Chapel Hill, North Carolina-based certified financial planner and certified student loan professional.

You also have fewer repayment options than you do with federal undergrad loans, says Brinckerhoff, who’s worked with attorneys and medical professionals repaying hundreds of thousands of dollars in grad school debt.

If graduate school loans are holding you back from achieving your financial goals, consider these expert-approved strategies.

Understand your debt — and your full financial picture

The first step is understanding your debt. Your loan type can determine what repayment plans are available, says Glenn Sanger-Hodgson, a Tallahassee, Florida-based accredited financial planner and certified student loan professional who specializes in medical school debt.

Log into your StudentAid.gov account for federal loan details, including balance, loan type, interest rate and repayment plans. The Education Department’s loan simulator can help you understand federal repayment options. For private loans, check your loan documents or contact your lender.

Once you understand your debt and repayment options, it’s time to choose a path forward. Use the rules of thumb below as a starting point. But also run the numbers on all available repayment plans to find the one that best fits your financial goals and career plans, Sanger-Hodgson says.

If your debt is double your income, consider forgiveness

Forgiveness is usually time-based. For example, you can get forgiveness after 10 years of payments while working a public service job, or after 20 to 25 years of payments on an IDR plan.

So if you aim for forgiveness, choose the repayment plan with the smallest monthly payment. That way you maximize the amount of debt forgiven when you reach the finish line.

For most borrowers, that means signing up for an IDR plan. The IDR plan called Income-Based Repayment (IBR) is the only IDR plan that’s not going away in 2028 as a result of the recent budget reconciliation bill.

“Your goal needs to be paying as little as possible over the life of the loan,” Sanger-Hodgson says. If you put extra money toward your debt while on a forgiveness path, “you’re just throwing money away that would have been forgiven otherwise.”

If your debt is equal to or less than your income, aggressively pay it off

If your student debt is roughly equal to or less than your income, you’re less likely to benefit from a forgiveness program. With an IDR plan, you could end up paying off your debt in full before achieving forgiveness.

Instead, assuming you’re on track for other financial goals, try “aggressively throwing every financial resource [you] have at getting those student loans paid off as quickly as possible,” Sanger-Hodgson says.

Make additional lump-sum payments. If you have federal student loans, call your servicer and ask if you can apply extra payments toward the principal, rather than interest. And if you have multiple student loans, tackle the ones with a higher interest rate first. 

Refinance, if you qualify for a lower interest rate.

Carefully consider the decision to refinance if you have federal student loans. They will be replaced with private loans, and you’ll permanently exit the federal student loan system. That means forfeiting access to income-driven repayment plans, forgiveness and other relief.

If you refinance, “you’ve got to be 110% certain that you’re gonna be paying off your loans in full and that you’re not going to need forgiveness at any point,” Sanger-Hodgson says.

Stay informed about your student loans

Government policies, including the recent budget reconciliation bill, are poised to reshape student loans repayment and forgiveness options. Keep an eye on the news and official Education Department announcements.

“There are tremendous changes on the horizon for student loans,” Sanger-Hodgson says.



Source link

Tags: ControldebtGradHoldingSchool
ShareTweetShare
Previous Post

10 Old-School Money Truths That Are Worth Remembering

Next Post

The majority of Fortune 100 companies are now fully in-person, not hybrid

Related Posts

edit post
Our Favorite Zucchini Bread Recipe

Our Favorite Zucchini Bread Recipe

by TheAdviserMagazine
October 4, 2025
0

Got extra zucchini? This easy zucchini bread recipe is the perfect way to use it up! Moist, lightly-spiced, and made...

edit post
Kate Spade Monica Small Crossbody only  shipped (Reg. 9!)

Kate Spade Monica Small Crossbody only $59 shipped (Reg. $279!)

by TheAdviserMagazine
October 4, 2025
0

This is a great deal on this Kate Spade Monica Small Crossbody! Kate Spade Outlet has this Monica Small Crossbody...

edit post
Shop Your Way Mastercard to be Discontinued

Shop Your Way Mastercard to be Discontinued

by TheAdviserMagazine
October 4, 2025
0

Starting Nov. 3, 2025, the card will be rebranded, and existing holders will be sent a different Citi-issued Mastercard with...

edit post
*HOT* Extra 50% off Gap Factory Clearance + Free Shipping = Prices from .99 shipped!

*HOT* Extra 50% off Gap Factory Clearance + Free Shipping = Prices from $3.99 shipped!

by TheAdviserMagazine
October 3, 2025
0

Wow! Don’t miss this hot deals at Gap Factory! Gap Factory is offering an extra 50% clearance items automatically at...

edit post
Barclays AAdvantage Aviator Cards Close to New Applicants

Barclays AAdvantage Aviator Cards Close to New Applicants

by TheAdviserMagazine
October 3, 2025
0

As of October 2025, the popular AAdvantage® Aviator® Red World Elite Mastercard® — along with Barclays’ entire suite of American...

edit post
Mucinex Instasoothe Sore Throat Relief Lozenges, 40-Count only .36 shipped!

Mucinex Instasoothe Sore Throat Relief Lozenges, 40-Count only $2.36 shipped!

by TheAdviserMagazine
October 3, 2025
0

Stock up on these Mucinex Instasoothe Lozenges with this great price! Amazon has these Mucinex Instasoothe Sore Throat Relief Lozenges,...

Next Post
edit post
The majority of Fortune 100 companies are now fully in-person, not hybrid

The majority of Fortune 100 companies are now fully in-person, not hybrid

edit post
Commercial Real Estate Loan Rates for 2025

Commercial Real Estate Loan Rates for 2025

  • Trending
  • Comments
  • Latest
edit post
What Happens If a Spouse Dies Without a Will in North Carolina?

What Happens If a Spouse Dies Without a Will in North Carolina?

September 14, 2025
edit post
California May Reimplement Mask Mandates

California May Reimplement Mask Mandates

September 5, 2025
edit post
Does a Will Need to Be Notarized in North Carolina?

Does a Will Need to Be Notarized in North Carolina?

September 8, 2025
edit post
DACA recipients no longer eligible for Marketplace health insurance and subsidies

DACA recipients no longer eligible for Marketplace health insurance and subsidies

September 11, 2025
edit post
‘Quiet luxury’ is coming for the housing market, The Corcoran Group CEO says. It’s not just the Hamptons, Aspen, and Miami anymore

‘Quiet luxury’ is coming for the housing market, The Corcoran Group CEO says. It’s not just the Hamptons, Aspen, and Miami anymore

September 9, 2025
edit post
Tips to Apply for Mental Health SSDI Without Therapy

Tips to Apply for Mental Health SSDI Without Therapy

September 19, 2025
edit post
Layoffs will start if shutdown talks ‘going nowhere’, says White House

Layoffs will start if shutdown talks ‘going nowhere’, says White House

0
edit post
Top Wall Street analysts recommend these 3 dividend stocks for stable returns

Top Wall Street analysts recommend these 3 dividend stocks for stable returns

0
edit post
KLG: Naked Capitalism – Your Essential Community

KLG: Naked Capitalism – Your Essential Community

0
edit post
FTX Issues Warning As Fraudulent Emails Circulate During .6B Creditor Payout

FTX Issues Warning As Fraudulent Emails Circulate During $1.6B Creditor Payout

0
edit post
Why Many Retirement Plans Forget the Cost of Shoring Up Independence

Why Many Retirement Plans Forget the Cost of Shoring Up Independence

0
edit post
Kalshi now sees government shutdown lasting nearly 21 days, second-longest in U.S. history

Kalshi now sees government shutdown lasting nearly 21 days, second-longest in U.S. history

0
edit post
Layoffs will start if shutdown talks ‘going nowhere’, says White House

Layoffs will start if shutdown talks ‘going nowhere’, says White House

October 5, 2025
edit post
FTX Issues Warning As Fraudulent Emails Circulate During .6B Creditor Payout

FTX Issues Warning As Fraudulent Emails Circulate During $1.6B Creditor Payout

October 5, 2025
edit post
Kalshi now sees government shutdown lasting nearly 21 days, second-longest in U.S. history

Kalshi now sees government shutdown lasting nearly 21 days, second-longest in U.S. history

October 5, 2025
edit post
Top Wall Street analysts recommend these 3 dividend stocks for stable returns

Top Wall Street analysts recommend these 3 dividend stocks for stable returns

October 5, 2025
edit post
Denmark revives interest in Israeli air defense system

Denmark revives interest in Israeli air defense system

October 5, 2025
edit post
These co-CEOs swear by splitting the job: ‘The demands on a modern CEO are close to unsustainable’

These co-CEOs swear by splitting the job: ‘The demands on a modern CEO are close to unsustainable’

October 5, 2025
The Adviser Magazine

The first and only national digital and print magazine that connects individuals, families, and businesses to Fee-Only financial advisers, accountants, attorneys and college guidance counselors.

CATEGORIES

  • 401k Plans
  • Business
  • College
  • Cryptocurrency
  • Economy
  • Estate Plans
  • Financial Planning
  • Investing
  • IRS & Taxes
  • Legal
  • Market Analysis
  • Markets
  • Medicare
  • Money
  • Personal Finance
  • Social Security
  • Startups
  • Stock Market
  • Trading

LATEST UPDATES

  • Layoffs will start if shutdown talks ‘going nowhere’, says White House
  • FTX Issues Warning As Fraudulent Emails Circulate During $1.6B Creditor Payout
  • Kalshi now sees government shutdown lasting nearly 21 days, second-longest in U.S. history
  • Our Great Privacy Policy
  • Terms of Use, Legal Notices & Disclosures
  • Contact us
  • About Us

© Copyright 2024 All Rights Reserved
See articles for original source and related links to external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal

© Copyright 2024 All Rights Reserved
See articles for original source and related links to external sites.