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“You might be wondering which of these things am I supposed to do?”
That refrain, articulated by Lauryn Williams, a certified financial planner and the founder of Worth Winning, is a common one for many borrowers looking to manage their student loans. With multiple types of federal student loans, private loans and a myriad of repayment options, making a plan for paying off student loans can be challenging.
Add to that the coronavirus-era student loan payment pause, the political conversation surrounding debt cancellation, as well as your other financial priorities, and navigating student loan repayment can feel downright intimidating.
Williams and Leon LaBrecque, chief growth officer at Sequoia Financial Group, offered advice on these topics and more as part of MarketWatch’s Mastering Your Money event, a live Q&A with financial experts. Whether the pause on student loan payments left you with extra cash to put somewhere else, or it was much needed-relief because of a job loss or cut in hours, Williams and LaBrecque had tips for how to prepare for when payments resume.
Register here for the next Mastering Your Money event from MarketWatch.
The two also provided guidance on how borrowers can fit managing their student loans into a financial plan with broader goals like saving for retirement or a home. One major takeaway: “Don’t sacrifice your savings while paying off debt,” Williams said. “Make sure you save something for yourself.”
As an Olympic athlete — Williams has competed and medaled in both track and field and bobsled events — she didn’t plan for her financial future, she told the audience, which led to a lot of mistakes. That experience is part of what inspired her to help others make their own financial plans.
“What are you costing yourself by what you don’t know?” she asked, reminding viewers that opening up about your finances — even to a friend — can yield money-saving information.
“There’s a lot of taboo, there’s a lot of narrative that says be very private, be very secretive,” about money, Williams said. “The more we share with one another the better off we all will be.”
Watch the video and tune in on February 10 and 17 for the next Mastering Your Money events. It’s free to watch. Register here.
MarketWatch’s Jillian Berman explores the financial and psychological baggage that debt brings with Leon LaBrecque of Sequoia Financial Group and Lauryn Williams, three-time Olympic medalist and founder of Worth Winning. Together they discuss strategies for paying down your student loan, credit card and other debt — and for using leverage to your advantage.
