Navigating grief, debt, and a secure future.
Eleanor is overwhelmed. Beyond the emotional toll of losing her husband and daughter, she's grappling with a $48,000 Parent PLUS loan, which she co-signed for her daughter's education years ago. The debt is consuming a significant portion of her fixed income, leaving her feeling trapped and unsure how to best utilize her inherited IRA and other assets.
Using Golden Door Asset's Student Loan Calculator, we explored various repayment scenarios, including income-driven repayment plans and potential loan forgiveness options related to her daughter's death. We also leveraged the Refinance Calculator to investigate lowering her interest rate. Ultimately, we discovered that a combination of strategic IRA withdrawals and exploring a death discharge of the student loan could free up over $500 per month for Eleanor.
The Student Loan Calculator enabled precise calculations of monthly payments under different repayment plans, while the Refinance Calculator assessed the potential benefits of lowering Eleanor's interest rate.
$6,000 increased yearly income, and relieved anxiety about the debt, significantly improving Eleanor’s quality of life
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