Ep 82 Lawyer’s take on student loan crisis

Welcome back to another episode! This week we had the pleasure of hosting the incredible Lorraine Galvis, a lawyer, entrepreneur, and student loan reform advocate. Lorraine shared valuable insights and personal experiences regarding student loans, debt management, and the importance of financial planning for young individuals. Here are three key takeaways from our enlightening conversation:

1. Student Loans Should Be a Last Resort: Lorraine emphasized the importance of considering student loans as a last resort for funding education. She highlighted the significance of exploring alternative options such as community colleges, scholarships, and skill-based professions to avoid accumulating significant debt at a young age. By being proactive and strategic in financial planning, individuals can steer clear of unnecessary financial burdens in the future.

2. Advocating for Student Loan Reform: Lorraine discussed the Student Loan Interest Elimination Act, a proposed bill aimed at eliminating student loan interest and capping interest rates for new borrowers. She encouraged listeners to support this legislation by reaching out to their local representatives and advocating for bipartisan cooperation to address the student loan crisis. By actively participating in advocacy efforts, individuals can contribute to positive change in the student loan system.

3. Consider Alternative Career Paths: Lorraine highlighted the importance of exploring alternative career paths that do not require traditional college education. She emphasized the demand for skilled trades such as electricians, plumbers, locksmiths, and contractors, which offer lucrative opportunities without the need for extensive student loans. By considering alternative career options and investing in skill-based professions, individuals can secure stable and profitable career paths while avoiding excessive debt accumulation.

We highly recommend listening to the full episode to gain valuable insights and practical tips from Lorraine's expertise. You can tune in to The Alignment Way podcast to listen to the full conversation and learn more about financial planning, debt management, and student loan reform.

Let's join hands in advocating for positive change in the student loan system and empowering young individuals to make informed financial decisions. Together, we can create a brighter future for the next generation!

00:02:39 - Introducing Lorraine Galvis

00:03:40 - Disclaimer: Not Legal Advice

00:05:03 - Lorraine's Student Loan Journey

00:07:01 - Cost of Higher Education and Student Loans

00:10:14 - Impact of Interest on Student Loans

00:13:03 - Community College as a Smart Choice

00:14:17 - Planning for Higher Education and Budgeting

00:16:25 - Challenges of Being a First-Generation College Student

00:19:05 - Wisdom in Avoiding Student Loan Debt

00:20:19 - Debt is Not Your Friend

00:22:03 - Value of Mentorship and Relationships

00:23:40 - Strategies for Getting Out of Debt

00:24:09 - Options for Student Loan Repayment

00:25:09 - Public Service Loan Forgiveness (PSLF)

00:26:36 - Paying Aggressively to Get Out of Debt

00:28:02 - Switching Repayment Plans and Interest Issues

00:29:05 - Participating in Policy Change

00:30:08 - Student Loan Interest Elimination Act

00:31:01 - Impact of Interest on Loan Repayment

00:32:02 - Understanding Principal and Interest

00:33:07 - Compounding Interest and Its Effects

00:34:01 - How to Support the Student Loan Interest Elimination Ac