Are you a planner? Have you always known what you wanted? What you wanted to do? Did you make a plan that would plot the course toward your goal? I have a friend who—ever since she was a little girl—wanted to be a dentist. Now she’s an oral surgeon. She made a plan, followed the plan, became a dentist, and then went even further. Wow. I know others, however, who thought they knew what they wanted, made plans, then life threw up road blocks in their way. One of them grew up wanting to be a professional musician, so that’s what he did, but in his forties, after getting a doctorate in musical performance, realized it really wasn’t the life for him. Now he’s a DO practicing on the West Coast. For both of them—regardless of plan or path—student loans were part of the journey, which don’t disappear whenever life takes a detour.
But how do we plan for these bumps in the road? How do we prepare for an unexpected turn? How do we “expect the unexpected”? The first step is to educate ourselves. Studies have shown over and over again that people change jobs and careers a lot, more than we might realize. A recent study from the U.S. Bureau of Labor and Statistics shows that “baby boomers” had an average of about 12 jobs over the course of their lifetimes. Another on older “millenials” showed similar findings. Other studies have shown that most people will have at least two different careers over their lifetimes, if not three or more. On top of that, throw in relationships, children, family dynamics, economic forces, and more, and you have a maelstrom of opportunities for things to “not go according to plan.”
So if I know that life isn’t going to follow my plan, should I even have one? It can wear us down knowing how unpredictable life can be, but that’s where having a good plan in place can help. My same oral surgeon friend also has a young baby. She’ll tell you that he loves a routine and gets cranky when it’s interrupted. When it does, the old plan becomes the new plan: get back on schedule, however you can. Your student loans won’t get cranky, but they’re just as hard to ignore when things go awry. Sometimes the solution is to get back on track with your “Plan A.” Sometimes it’s “switch to Plan B.” For the latter to work, however, you need a “Plan A” in the first place. It’s especially helpful if you make that plan with as much knowledge as possible right from the beginning. That way, you can build flexibility into it as you go, knowing the potential “ups and downs” of repayment, and be prepared to tweak your strategy as bumps in the road come your way.
If the last few years of student loan policy have shown us anything, it’s that change is the norm. Navigate is here to help you stay abreast of policy and make sure you have all the facts as you make your student loan plan. If you’re intimidated by the idea of crafting your repayment plan alone, give us a call. We can provide tailored student loan advice to help you create a plan A, B, or C with all the real numbers at your disposal. And if life takes a sudden turn, we’re always only an email away.
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