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How to Repay Federal Student Loans

Getting strategic about student loan repayment can be a vital part of financial planning. The majority of college graduates leave school with some type of student loan debt, so it’s important to have a strategy in place for paying down debt that complements the rest of the goals you and your family are working toward.

If you have federal student loans, the government prescribes a handful of repayment options, each with pros and cons. (We’ll cover private student loans after recapping the federal repayment options.)

Bogart Student Loans Standard e1681232738627 | Bogart Wealth
Bogart Student Loans Graduate | Bogart Wealth
Bogart Student Loans Extended | Bogart Wealth
Bogart Student Loans Income based | Bogart Wealth

You may also be able to consolidate student loans via a private lender. Keep in mind that private loans don’t come with the same protections (such as deferment and forbearance) as federal student loans.

Additionally, the recently-passed SECURE Act 2.0 allows employers to start offering an employer match to employees paying down student loans. To learn more about that provision, read our full white paper on SECURE 2.0.

A financial advisor can help you evaluate different repayment options. We suggest going to a fee-only fiduciary for this type of advice, so you know that your advisor is both legally obligated to put your best interest first AND that they aren’t being paid to promote any specific product. As a fee-only fiduciary firm, all of the advisors at Bogart Wealth meet these criteria. 

If you have follow-up questions on student loans or want to discuss how to build repayment into an overall financial plan, let’s talk.

IMPORTANT DISCLOSURE INFORMATION:
Please remember that past performance is no guarantee of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Bogart Wealth, LLC [“Bogart Wealth”]), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level (s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from Bogart Wealth. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. Bogart Wealth is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of the Bogart Wealth’s current written disclosure Brochure discussing our advisory services and fees is available for review upon request or at bogartwealth.com


Please Note: Bogart Wealth does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to Bogart Wealth’s web site or blog or incorporated herein, and takes no responsibility for any such content. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly.
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