Student Loan Planning
Many students have not calculated how student loan debt is going to affect their future financial picture. With the increasing tuition costs, student loans can seem like a quick and easy solution to funding college.
Unfortunately, many people find they’ve become weighed down with a student loan burden that they will have to carry for years.
Whether your student loan burden is small or overwhelming, talking with one of our experienced financial advisors can help you to generate a plan toward tackling that burden and building toward your future wealth-building goals.
Making a Plan for Student Loans
Prospective Students: Before you apply for student loans, talk to an EWM financial advisor. We may be able to find strategies that will help you reduce the amount of financing you’ll need to take on.
Graduates with Loans: Having student loans doesn’t mean you can’t build a financial plan to help you work toward your wealth-building goals. When you meet with an EWM financial advisor, together, you can discuss ways to work down your student loan debt as part of your financial plan.
People often feel more positive when they have a plan and get a vision for working out of student loan debt and working toward wealth-building goals. Having a plan can be the momentum you need to gain traction toward those goals.
Parents: When parents want to support their children’s career goals by funding college tuition, they may choose to take out loans, borrow from their 401(k), or co-sign on a student loan. Some of the drawbacks to these options can include early withdrawal penalties, additional tax liability, increased debt ratio, and a setback to your retirement timeline. These adverse outcomes can be avoided and it’s worth your time to look at other options that will align with your financial plan.Your EWM financial advisor can help you think through your options and find strategies that could help you generate a student loan plan that will meet the needs of your child’s education without overshadowing your plans and dreams.
If you’ve already taken on the debt, working your financial plan and making adjustments to it can give you direction to help you realign your financial goals.
Contact us to talk about student loans in your financial plan.
EWM financial advisors are committed to elevating every client’s investment experience.