Financial Fellow

Written by J.P. Wicklein

Next week the federal government will launch their new Income Based Repayment (IBR) program. This program can be a godsend for those struggling to repay hefty education loans. Here’s a quick video that explains the new plan:

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…………………Photo by: urban data………………………………  Written by J.P. Wicklein

…..Recently I wrote a post on my biggest financial blunders. In the article I discussed buying a home too soon, maintaining a credit card balance, having minimal short term savings, and battling a short stint with gambling. Those actions were far from the smartest things I’ve ever done. That said every coin has two sides. Here’s the other side – my biggest financial achievements:

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   Written by J.P. Wicklein

     I graduated from college with $25,000 in student loans.  Shortly thereafter I consolidated the loans at a fixed annual interest rate of 4.125% over a 20 year period.  Each month I make the minimum payment on my consolidated loan and not a penny more. Why? Since the interest rate on my student loans is so low, any additional money I could use to pay down my student loans is better spent contributing to retirement savings or paying down higher interest debt.

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