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Tips For Student Loan Repayment, Beating Overages and Finding Your Dream Mentor

If you're stressed about student loans, I gotchu.

Let’s try something new!

I’m experimenting with a new format because ya girl is always learning and growing. On Fridays I’m going to share three tips, hot-off-the-presses, taken from my favorite Money News Network podcast episodes of the week. Well, only if you like this idea (LMK on the poll below!). Everything I do is for you. Duh.

1. If you’re stressed about student loans, check out income-driven repayment plans.

About 1 in 5 adults in America have student loan debt. Of those who do owe, almost half expect that they will be unable to pay their loans when they come due this fall. If this is you - then be sure to check out income-driven repayment plans. These are a type of repayment plan that sets your monthly balance at what should be an affordable amount given your income. Plus, participation in these plans can also result in your loans being forgiven after you’ve made a certain number of payments.

This tip comes from today’s episode of Money Rehab hosted by yours truly. Listen to the full shebang here.

2. Never, ever get overcharged again, and get the money talk done first.

If you’re paying someone to do a service— whether it’s a haircut, an oil change, a taxi, no matter what it is— always have the money talk before the work begins. I know this sounds obvious, but there are sneaky ways this can get by you. Recently on Help Wanted (the career advice podcast I co-host with Entrepreneur Magazine editor in chief Jason Feifer), Jason’s friend Kassi came on the show because she got overcharged by a babysitter. Not only was the rate higher than expected ($30/hour), but the babysitter also charged her for a meal she didn’t even eat? Anyway, Kassi didn’t ask the babysitter about the rate in advance, because the babysitter was referred to her by a network of babysitters that is pretty much always $20/hour. It’s easy to make assumptions once you fall into a routine. But even if it feels like overkill, get the money talk done first.

This tip comes from Tuesday’s episode of Help Wanted. Listen to the babysitter saga here.

3. Instead of a mentor, look for a sponsor.

Move over, mentors. There’s a new sheriff in town: the sponsor. But, this isn’t a #ad— we’re not talking about financial sponsor.

On Money Maker with Nely Galan, PIX11 host and PA Announcer for the New York Mets, Marysol Castro says that some of her success can be attributed to the “sponsors” in her life. Here’s how Marysol defines it:

“In a room full of people who don't know your name, there is that one person that will say, you know who would be perfect for this? And that person says your name. That’s a sponsor.”

This tip comes from today’s episode of Money Maker hosted by entrepreneur Nely Galán. Listen here.

Do you like this new format?

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