Are you or someone you know dealing with student loans or getting ready to navigate the world of repayment? In this episode, I sit down with Clay Jarvis, NerdWallet Canada's mortgage and real estate expert, to discuss essential strategies for managing student loans and making smart financial decisions. We'll dive into practical advice for students just starting their loan repayments, adjusting payments to fit your financial situation, and what to do if you're struggling to make payments.
Clay also highlights the importance of budgeting and why parents should have financial conversations with their kids before they head off to university. Listen in to learn how disciplined loan repayments can set you up for a brighter future, as well as how parents can offer emotional and financial support while encouraging smart money habits.
"You do not want to stop paying your loans. You can simply shrink your payment as much as you need to, and then when you start earning more money, you can increase those payments." - Clay Jarvis
This Week on Young Money:
- What NerdWallet is and how it helps consumers make smart financial decisions.
- How to start managing student loan repayments.
- Ways to adjust loan payments based on your financial situation.
- What to do if you can't make a payment on time.
- Tips for parents to support their children financially and emotionally.
- The role of budgeting in financial success.
- Why talking to kids about money before university is crucial.
- How disciplined loan repayment improves your financial future.
Key takeaways:
- Be smart about saving.
- Adjust loan payments as needed.
- Never stop paying your loans.
- Budget before heading to university.
- Parents: offer both financial and emotional support.
Connect with Clay Jarvis:
Resources Mentioned:
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