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Strategizing With Personal Loans To Pay Off Student Loans

Strategizing With Personal Loans To Pay Off Student Loans

Strategizing With Personal Loans To Pay Off Student Loans – In this episode, Emily interviews Lexi Jones, a fourth-year student at MIT and the Woods Hole Oceanographic Institution’s Joint Program in Oceanography/Applied Ocean Science and Engineering. In the summer of 2019, before Lexi started her studies, she decided to start paying off her student loans. However, combined with learning more about personal finance, the passage of the Graduate Student Savings Act, as well as student interest and salary reductions that began in March 2020 forced him to change his strategy. Instead of paying off student loans, Lexie spent the last few years tapping into her IRA, building a four-month emergency fund, paying off her parents’ debt and starting to plan for her wedding. Lexi and Emily also discuss how Lexi is dealing with the changes to student loan policies that have been announced for the fall of 2022.

00:00 Lexi: I will say that what happened is one of the reasons I started looking into this. And I remembered that you made a comment about this change. And yes, it worked out when I started investing in this IRA, something I would not have been able to do a year ago. So it’s just connecting a lot of different events with a big political change that affected me directly.

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Strategizing With Personal Loans To Pay Off Student Loans

Strategizing With Personal Loans To Pay Off Student Loans

00:33 Emily: Welcome to the Personal Finance Ph.D. Podcast: The Ultimate Course in Personal Finance. I am your host, doctor. Emily Roberts is a financial expert for young PhDs and the founder of Personal Finance for PhDs. This podcast is for PhDs and future PhDs who want to explore the hidden lessons of finance to learn how to manage money effectively, grow their careers, and protect themselves and others. This is Season 14, Episode 5, and today my guest is Lexi Jones, a fourth-year student at MIT and the Woods Hole Oceanographic Institution Joint Program in Oceanography/Applied Ocean Sciences and Engineering. In the summer of 2019, before Lexi started her studies, she decided to start paying off her student loans. However, combined with learning more about personal finance, the passage of the Graduate Student Savings Act, as well as student interest and salary reductions that began in March 2020 forced him to change his strategy. Instead of paying off student loans, Lexie spent the last few years tapping into her IRA, building a four-month emergency fund, paying off her parents’ debt and starting to plan for her wedding. Lexi and I also discuss how Lexi is dealing with the changes to student loan policies that have been announced for the fall of 2022.

Free Loan Agreement Templates

01:56 Emily: We’ve been asking grad students, postdocs, graduate student associations, departments, and more for helping me with my tax preparation course, “How to File Your Graduate Tax Return (and Understand It!)!” Set up registration It’s quick and easy, and I’m continuing to sign up for new groups until the end of tax season. This year I have four versions of the conference for post-baccalaureate, graduate and postdoc students, as well as residents/residents and non-residents. This is the biggest increase I have worked on in years and I am very happy. This meeting is interactive so you can take it anytime before Tax Day, and I have a way to answer questions if the main point doesn’t connect the dots. Please send a fundraising email for this workshop to potential organizers and include a link to /tax-workshops/. I offer a bulk purchase discount to my university clients and they can choose between subsidizing the conference or subsidizing the participants. Thanks in advance for making this! You can find a summary of this section at /s14e5/. Without further ado, here is my interview with Lexi Jones.

03:27 Emily: I’m glad to have you on the podcast today, Lexi Jones. He is a four-year student at the Massachusetts Institute of Technology. We’ll talk about changing his financial mindset and changing his goals since he started school. Lexi, I’m so glad you volunteered to be on the podcast. Thank you very much for coming. And please show yourself to the people?

03:47 Lexi: Yes, thanks for having me! As you say, I’m Lexi Jones. I am a fourth year student at the Massachusetts Institute of Technology. I’m an ocean major, so I’m in the MIT-WHOI program, as it’s called, but I’m in the Earth, Space and Planetary Sciences department at MIT.

04:08 Emily: Well, thank you very much. So let’s go back to when you started school. What was your financial outlook at the time? What goals have you set for yourself? What do you think?

College Financial Planning To Minimize Debt

04:20 Lexi: Yeah, I think it’s safe to say I’m a student. I had a good education, but the trip was not full, so I had government loans and loans from my parents. So because of the combination of the two, I owed 41,000 dollars. So when I went to school, I had one year between undergraduate and graduate studies, but I was working as a research assistant but earning less money . So, this was the most money I ever earned. And I went to graduate school thinking that the best thing I could do was pay off my student loans.

05:20 Emily: Okay. What was your student loan debt and what was your parents’ debt?

05:30 Lexi: So my student loan debt was completely related to education. It was about $27,000. Then my parents looked closely at how they helped me with housing and food. And I paid for everything myself. And it was about $13,700. So, you know, they were the only ones holding the tables, they weren’t giving out interest or anything, but that was something, you know, something that I was going to pay. .

Strategizing With Personal Loans To Pay Off Student Loans

06:03 Emily: Okay. It’s the same passion I had when I finished my undergraduate studies. My parents raised me with the expectation that, on some level, I would pay back some of the money I spent during my college education. So he had no debt like I did at that time. It was like this kind of money (laughs) that was floating around everywhere and I had to give it back. Have you and your parents come to an agreement on the payments or expenses you like, or anything else related to this?

How This Grad Student Shifted Her Student Loan Strategy Through The Pandemic

06:37 Lexi: Well, I mean, I knew very well that I had to give them back. He didn’t look good to me. I owed them $23,000, but the last thing I offered was for them to pay $10,000 of what I owed. And I knew I had to return it because they had returned their house. It’s like they made a huge investment to help me finish college. We are not very rich. I come from a blue collar, small town background. So, there was no specific time, but the hope was that as soon as I started making money, I would start working. And I think they were talking to me, I’m trying to remember, but I think what they expected was that when I finished school I started announcing the real money that I had to pay them back.

07:34 Emily: Okay. This is good. And then your student loan debt, is it subsidized, unsubsidized, or a combination of the two?

07:41 Emily: Okay. Good. Since we’re going to talk about student loans next, I wanted to highlight all of these. It is correct. So you’re about to graduate and you’re worried about student loan debt. The year you became a research assistant, you must have started paying again, right?

07:58 Lexi: Yeah, I looked back at my finances and, like in 2018, I started paying them because I was worried, even though I wasn’t making any money at the end of 2018. I think the payments took about six months. OKAY? Because you have about six months of unpaid time off. And I started graduate school in June, so it didn’t take long to pay.

More Companies Are Wooing Workers By Paying Off Student Debt

08:29 Lexi: I had a payment plan. I was too scared to do anything else

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    1. Strategizing With Personal Loans To Pay Off Student Loans00:33 Emily: Welcome to the Personal Finance Ph.D. Podcast: The Ultimate Course in Personal Finance. I am your host, doctor. Emily Roberts is a financial expert for young PhDs and the founder of Personal Finance for PhDs. This podcast is for PhDs and future PhDs who want to explore the hidden lessons of finance to learn how to manage money effectively, grow their careers, and protect themselves and others. This is Season 14, Episode 5, and today my guest is Lexi Jones, a fourth-year student at MIT and the Woods Hole Oceanographic Institution Joint Program in Oceanography/Applied Ocean Sciences and Engineering. In the summer of 2019, before Lexi started her studies, she decided to start paying off her student loans. However, combined with learning more about personal finance, the passage of the Graduate Student Savings Act, as well as student interest and salary reductions that began in March 2020 forced him to change his strategy. Instead of paying off student loans, Lexie spent the last few years tapping into her IRA, building a four-month emergency fund, paying off her parents' debt and starting to plan for her wedding. Lexi and I also discuss how Lexi is dealing with the changes to student loan policies that have been announced for the fall of 2022.Free Loan Agreement Templates01:56 Emily: We've been asking grad students, postdocs, graduate student associations, departments, and more for helping me with my tax preparation course, "How to File Your Graduate Tax Return (and Understand It!)!" Set up registration It's quick and easy, and I'm continuing to sign up for new groups until the end of tax season. This year I have four versions of the conference for post-baccalaureate, graduate and postdoc students, as well as residents/residents and non-residents. This is the biggest increase I have worked on in years and I am very happy. This meeting is interactive so you can take it anytime before Tax Day, and I have a way to answer questions if the main point doesn't connect the dots. Please send a fundraising email for this workshop to potential organizers and include a link to /tax-workshops/. I offer a bulk purchase discount to my university clients and they can choose between subsidizing the conference or subsidizing the participants. Thanks in advance for making this! You can find a summary of this section at /s14e5/. Without further ado, here is my interview with Lexi Jones.03:27 Emily: I'm glad to have you on the podcast today, Lexi Jones. He is a four-year student at the Massachusetts Institute of Technology. We'll talk about changing his financial mindset and changing his goals since he started school. Lexi, I'm so glad you volunteered to be on the podcast. Thank you very much for coming. And please show yourself to the people?03:47 Lexi: Yes, thanks for having me! As you say, I'm Lexi Jones. I am a fourth year student at the Massachusetts Institute of Technology. I'm an ocean major, so I'm in the MIT-WHOI program, as it's called, but I'm in the Earth, Space and Planetary Sciences department at MIT.04:08 Emily: Well, thank you very much. So let's go back to when you started school. What was your financial outlook at the time? What goals have you set for yourself? What do you think?College Financial Planning To Minimize Debt04:20 Lexi: Yeah, I think it's safe to say I'm a student. I had a good education, but the trip was not full, so I had government loans and loans from my parents. So because of the combination of the two, I owed 41,000 dollars. So when I went to school, I had one year between undergraduate and graduate studies, but I was working as a research assistant but earning less money . So, this was the most money I ever earned. And I went to graduate school thinking that the best thing I could do was pay off my student loans.05:20 Emily: Okay. What was your student loan debt and what was your parents' debt?05:30 Lexi: So my student loan debt was completely related to education. It was about $27,000. Then my parents looked closely at how they helped me with housing and food. And I paid for everything myself. And it was about $13,700. So, you know, they were the only ones holding the tables, they weren't giving out interest or anything, but that was something, you know, something that I was going to pay. .06:03 Emily: Okay. It's the same passion I had when I finished my undergraduate studies. My parents raised me with the expectation that, on some level, I would pay back some of the money I spent during my college education. So he had no debt like I did at that time. It was like this kind of money (laughs) that was floating around everywhere and I had to give it back. Have you and your parents come to an agreement on the payments or expenses you like, or anything else related to this?How This Grad Student Shifted Her Student Loan Strategy Through The Pandemic06:37 Lexi: Well, I mean, I knew very well that I had to give them back. He didn't look good to me. I owed them $23,000, but the last thing I offered was for them to pay $10,000 of what I owed. And I knew I had to return it because they had returned their house. It's like they made a huge investment to help me finish college. We are not very rich. I come from a blue collar, small town background. So, there was no specific time, but the hope was that as soon as I started making money, I would start working. And I think they were talking to me, I'm trying to remember, but I think what they expected was that when I finished school I started announcing the real money that I had to pay them back.07:34 Emily: Okay. This is good. And then your student loan debt, is it subsidized, unsubsidized, or a combination of the two?07:41 Emily: Okay. Good. Since we're going to talk about student loans next, I wanted to highlight all of these. It is correct. So you're about to graduate and you're worried about student loan debt. The year you became a research assistant, you must have started paying again, right?07:58 Lexi: Yeah, I looked back at my finances and, like in 2018, I started paying them because I was worried, even though I wasn't making any money at the end of 2018. I think the payments took about six months. OKAY? Because you have about six months of unpaid time off. And I started graduate school in June, so it didn't take long to pay.More Companies Are Wooing Workers By Paying Off Student Debt
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