In this podcast, we’re talking about how parents help finance their kids’ education. Specifically, we’re going to discuss parent PLUS loans, how they impact millions of Americans and major changes coming soon.
Americans over the age of 60 are drowning in student loan debt, both their own and that of their kids.
The number of people over the age of 60 who have student loan debt has increased sixfold since 2004, and they now owe $125 billion collectively.
Part of that debt is made up of parent PLUS loans: loans taken out by parents to help students. Around 3.7 million people of varying ages owe $108.5 billion in parent PLUS debt.
If you’re one of those parents, there are things you need to know, because some options you now have will soon be going away. It’s so serious that it’s being called the PLUS loan cliff.
Host Stacy Johnson is joined by financial journalist Miranda Marquit. Listening in and sometimes contributing is producer Aaron Freeman. Today’s guest is Travis Hornsby, the founder and CEO of Student Loan Planner. He’s going to help us navigate this confusing topic and tell us how to handle this debt.
Before you listen, remember: We’re not offering financial advice. So make sure to do your own research and consult your own experts before acting on anything you learn here. Additional disclosure: Co-host Miranda has a freelance writing relationship with Student Loan Planner.
You can listen to the podcast wherever you get your podcasts:
Let’s talk about paying for college
The student loan system is complicated, and it’s important to understand how you can pay for college, whether you get loans or not.
Here’s more information about student loans and paying for college, including ideas for getting a better return for your tuition buck in terms of jobs.
- What to Know About Student Loans Before You Borrow
- 7 Ways to Get Free Money for College
- 5 College Majors With the Worst Employment Rates — and 5 With the Best
- Top 20 Colleges and Universities That Hire for Flexible Jobs
- 10 Colleges Where Tuition Is Free
- 10 Things College Students Should Learn About Money
- Good Jobs That Don’t Require a College Degree
- 9 Colleges That Offer Free Tuition for Seniors
- 8 Ivy League Colleges That Offer Free Online Courses
- Free College Courses for Seniors in Every State
- Can’t Afford a College Degree? Consider Certification and a New Job
What you need to know about student loans, including parent PLUS loans
Student loan debt can feel overwhelming. However, there are programs for forgiveness. It’s also important to understand the difference between private and federal student loans. Here are some resources you can use to learn more, both on Money Talks News and on other websites.
- 13 States That Could Tax Forgiven College Loans
- 11 Ways to Pay Off Student Loans Fast
- 5 Ways to Avoid Drowning in Student Loan Debt if You Drop Out of College
- How to Get Free Help With Your Student Loans
- How to Prepare for the Parent PLUS Cliff in 2025 (Miranda’s article for Student Loan Planner)
- Parent PLUS Loans: You might be eligible, but should you take one? (Miranda’s article for Britannica Money)
- Federal loans vs. private loans: Understanding student loan issuer types (Miranda’s article for Britannica Money)
- Federal student loans: Subsidized vs. unsubsidized loans (Miranda’s article for Britannica Money)
Meet this week’s guest, Travis Hornsby
Travis Hornsby is a speaker and the founder of Student Loan Planner, which he launched after helping his physician wife navigate ridiculously complex student loan repayment decisions. To date, Student Loan Planner has consulted on over $1 billion in student debt.
Travis is a Chartered Financial Analyst (CFA) and brings his background as a former bond trader who has traded billions of dollars. Trying to solve the student loan crisis brought him out of his first retirement at the age of 25.
He brings that same intensity to analyzing the best repayment paths for graduate-degree professionals with six figures of student debt. Travis and his team have helped over 13,000 clients save over $783 million on their student loans, and he’s been featured in NPR, The New York Times, Bloomberg, U.S. News & World Report, Business Insider, Forbes, Rolling Stone, ChooseFI, Bigger Pockets, Money and more.
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About the hosts
Stacy Johnson founded Money Talks News in 1991. He’s a CPA, and he has also earned licenses in stocks, commodities, options principal, mutual funds, life insurance, securities supervisor and real estate.
Miranda Marquit, MBA, is a financial expert, writer and speaker. She’s been covering personal finance and investing topics for almost 20 years. When not writing and podcasting, she enjoys travel, reading and the outdoors.