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Repayment Strategies and Plans

Repayment Strategies and Plans

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 Student Loans dives deep into repayment strategies and plans, exploring how choosing the right approach can save or cost tens of thousands of dollars. Host Penny Power analyzes the Standard Repayment Plan's ten-year structure versus income-driven options like IBR, PAYE, REPAYE, and ICR, explaining payment calculations based on discretionary income. The episode covers extended and graduated repayment alternatives, strategic considerations for married borrowers, and payment optimization techniques including avalanche and snowball methods. Penny debunks common myths about repayment choices, provides real-world scenarios comparing total costs, and offers actionable steps for selecting optimal plans. Key takeaway: repayment plan selection requires analyzing your complete financial picture, career trajectory, and long-term goals rather than simply choosing the lowest monthly payment.
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