Hey, it's John McPhee, the numbers guy. I wanted to cut this video to talk about something important regarding student loans. Many people are graduating from college with a new degree, but they're also burdened with a significant amount of debt. To cope with this debt, they often utilize a program called student loan income-based repayment. Essentially, the government offers lower monthly payments while allowing the loan balance to accumulate over time. The idea is that if you still have a loan after 20-25 years, the government will forgive the remaining balance. On the surface, this program may seem beneficial, but there are a couple of pitfalls to be aware of. Now, you won't be surprised about these pitfalls since you're watching this video. Let's look at an example I shared at the wealth summit in Las Vegas in 2015. Many individuals we work with graduate with $100,000 to $200,000 in student loan debt. In this particular case, the student loan balance was $145,000, and the borrower was paying 6.8% interest on a 25-year income-based repayment plan. The monthly payments initially start low at $43.16, but they increase over time based on the borrower's income. Each year, the borrower must file their income information, and the government determines the monthly repayment amount based on their income and other factors. In this example, the monthly payment increases to $200 in year four, $500 in year 11, and $1,000 in year 18. These payments continue until the end of the 25-year period. However, this also means that the loan balance keeps growing. After 25 years, the loan balance in this example has ballooned to over $500,000. At this point, many people assume that the government will forgive this balance. However, the cost is that when the loan is forgiven, the forgiven amount is considered taxable income....
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