Business Innovators Radio - Episode #50 – Student Loan Payments & Government Shutdown – The 15 Minute Financial Feast Podcast-With Mark Triplett & Troy Westendorf

Episode Date: October 13, 2023

We believe that every dollar has a purpose and a timeline. When and how your retirement assets will be used should be understood before making important financial decisions.The Triplett-Westendorf Purpose and Timeline 5 Step Planning Process (PT5) begins with Discovery.Understanding where you are now, and then defining where you want to go (Your Purpose) and when you want to get there (Your Timeline), programs your financial GPS. Our Purpose and Timeline 5-step process (PT5) programs your financial GPS.Learn more: http://triplett-westendorf.com/ | https://mypt5.com/The 15 Minute Financial Feast Podcasthttps://businessinnovatorsradio.com/the-15-minute-financial-feast-podcast/Source: https://businessinnovatorsradio.com/episode-50-student-loan-payments-government-shutdown-the-15-minute-financial-feast-podcast-with-mark-triplett-troy-westendorf

Welcome to the 15-minute financial feast podcast, bringing you 15-minute segments to help you retire with purpose on time. We're serving up food for thought and bread for the head. Are you hungry to learn? Here are your hosts, Mark Triplett and Troy Westendorf. Welcome to another episode of the 15-minute financial feast. Today, you are listening to the audio from a live television interview where one of our favorite local news station anchors asked us questions about a financial feast. topic on the minds of many hardworking folks in our community who are trying to make good decisions and get ahead. Federal student loan payments beginning in less than 24 hours for millions

of Americans across the globe. Local 5s, Connor O'Neill joins us now to explain what borrowers need to know after the three-year pause on repayments will end this Sunday. Well, Arisa, there are several repayment plans to help payback on your student loans. And I spoke to a borrower and a financial advisor to better understand who has been impacted. Now you can best plan to repay. I was under the impression we'd have a little more grace period, but I know that it was going to happen regardless, so I'm saving up now. Interest began accruing on student loan September 1st, and it'll be a new bill borrowers like Jordan Wire will have to pay next month. So it does make me a little nervous just to know that I have that behind me, but I also know that if I'm like smart, I can hopefully get through.

financial advisor Mark Triplett on Saturday and he said everyone should try and pay off this interest as quickly as possible first. Paying that down and just being prepared to adjust your budget and your spending in order to be able to funnel more dollars towards getting that debt down so that those interest charges aren't crushing you. There are options for student loan borrowers who may not be financially ready to pay back their loans yet. One of those options is called the saving on a valuable education or save repayment plan.

Through this program introduced by the Biden administration, monthly payments would estimate to 5% of your discretionary income. Trying to help folks with lower incomes be able to make those payments, but then not penalize folks that maybe can't make them if their income falls below a certain level. In the week leading up to Saturday, many individuals were worried of a looming federal government shutdown. It will be a nuisance and maybe make some folks fearful, but those that work for the federal government that are deemed non-essential, it could impact them.

However, borrowers would still have to repay their student loans starting October 1st, government shutdown or not. Connor O'Neill, Local 5 News. You've been listening to the 15-minute Financial Feast podcast. Remember, every dollar has a purpose and every dollar has a timeline. If you have questions about today's topic, schedule a call with a team member. Visit www.m.com. Until next time, be sure you're taking steps to retire with purpose on time. Mark Triplett is an investment advisor representative of and advisory services offered through Royal Fund Management LLC, an SEC registered investment advisor. Nothing contained in this program should be considered an offer to buy or sell securities.

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