Refinancing for Retirement: How to Sort Out Your Student Loans Story

Refinancing for Retirement: How to Sort Out Your Student Loans

[{"selector":"#anim-58091238-d9d3-4df9-85d5-e9ff179b75f3","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-97d0d7c4-fafd-43d9-bd44-34a794cf3fd6","keyframes":{"transform":["translate3d(-125.09091%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Student loans are a burden for over 44.2 million Americans, with the average amount owed at $39,400. Although this may seem like a modest amount compared to some horror stories you read about, it’s up pretty drastically from the average of $14,000 just 20 years ago. Read More

Even with inflation, that’s $21,869.72 in modern dollars – still $17,500 less than the average debt load today.

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[{"selector":"#anim-b92acaf1-5bbc-4446-bc80-f7f7f621912e","keyframes":{"transform":["translate3d(105.23416%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":4000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a16a242a-dcef-4d77-99f5-2aee99838493","keyframes":{"opacity":[0,1]},"delay":0,"duration":4000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ddab4d8d-e28c-4176-b65b-625d8ed71689","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":4000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] Keeping in mind the constantly building interest and other seemingly random fees, it can feel like you’ll never pay off your student loans, let alone start saving for your future and retirement. Read More

Refinancing for Retirement: How to Sort Out Your Student Loans

Strapped down by student loan debt

[{"selector":"#anim-a23aa3bc-7843-49c1-a656-34ef1402e3a4","keyframes":{"transform":["translate3d(107.71349%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":4000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ee9a55ed-a8a4-4a35-8e67-75bbc6f0807a","keyframes":{"opacity":[0,1]},"delay":0,"duration":4000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b57d7e69-f251-4212-958f-bb611d0f913e","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":4000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] I happen to be one of the 44.2 million Americans strapped down by my student debt. Luckily, I spent some time in the finance industry and learned a few tidbits of advice that I can share with others looking to better their budget. Read More

[{"selector":"#anim-615ffdf6-cf76-475a-bd38-ea63b6cac78e","keyframes":{"transform":["translate3d(107.71349%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":4000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c6855f3b-6bb9-4b16-9eb2-69b4a5eddd02","keyframes":{"opacity":[0,1]},"delay":0,"duration":4000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-1ee04aca-7c7e-448d-94d1-46127c41a3e2","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":4000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] One time, after a near death experience for my cat, I was slapped with a $1,000 emergency vet bill. I promptly issued it to a sketchy line of credit I had to set up last minute, since I didn’t even have a credit card yet. Read More

Along with figuring out how to best budget around my monthly student loan payment, I was worried because I wasn’t in a comfortable position to start saving for retirement.

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A former floor trader from The New York Stock Exchange once said to me, “Caroline, the best tool for retirement is time. Enroll in your company’s 401(k) plan. Start saving, even if it’s just $100 a month.”

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Refinancing for Retirement: How to Sort Out Your Student Loans

Even with inflation, that’s $21,869.72 in modern dollars – still $17,500 less than the average debt load today.

Refinancing for Retirement: How to Sort Out Your Student Loans

Strapped down by student loan debt

Along with figuring out how to best budget around my monthly student loan payment, I was worried because I wasn’t in a comfortable position to start saving for retirement.

Re-evaluating your budget

A former floor trader from The New York Stock Exchange once said to me, “Caroline, the best tool for retirement is time. Enroll in your company’s 401(k) plan. Start saving, even if it’s just $100 a month.”

SWIPE UP NOW TO READ MORE

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