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Total Financial Solutions President/CEO Cautions Students, Parents To Avoid ‘Massive’ Student Loan Debt

Total Financial Solutions President/CEO Arif Halaby is encouraging both students and parents to avoid acquiring “massive” student loan debt in order to help protect their financial future.


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Many students and their parents don’t realize the significant impact the burden of these loans can have on them after graduation, affecting everything from stress levels and emotional wellbeing to lifestyle and career choices too.

“Instead of taking that once-in-a-lifetime opportunity, whether it be to travel around the world or to take that job out of state, (if) the pay (isn’t) there, it doesn’t matter, you can’t do it,” said Halaby, a Certified Estate Planner, “because you have a burden of $200, $300, $500, $800 a month or more.”

Related: Total Financial Solutions: ‘Pension Envy’ Makes Appearance In California Pension Crisis

An estimated 60,000 Americans age 60 and older are still paying off either their own student loans or their child’s, potentially jeopardizing their retirement plans, or ability to retire at all, according to Halaby.

“Those student loans don’t disappear just because you turn 60 or 65,” Halaby said. “If you can’t pay those for whatever reason, if your spouse dies and you lose her pension or your spouse dies and you lose his social security … and you now are a retiree still trying to pay student loan debt, do they reduce your student loan debt payment? They do not. They say, ‘Tough luck. Pay up.’”

Something Halaby said many people probably don’t realize is that after the Obama administration banned private student loans — instead making the collection agency for all student loans the IRS — retirees receiving benefits like social security can actually have their social security check seized by the IRS if they can’t make their student loan payments.

“I bet you didn’t know that when you signed up for your post grad or your child’s (student loan),” Halaby said, adding that this is especially true for those who signed up prior to this executive order being signed — because that rule didn’t even exist at the time.

“You might have had a 25-year student loan, but they changed the rules in the last 25 years — that’s very important,” Halaby said. “Keep that in mind if your family’s finances are set today based on a set of rules, that you are going down a road of the unknown. That’s why I’m not for the idea of massive student loan debt. What I want to do is encourage you to keep your kids from getting massive student loans… You want to be very careful.”

Ed. Note: This article is a KHTS Community Spotlight based on the latest “Total Financial Solutions Safer Money Hour” radio show on KHTS AM-1220.

Total Financial Solutions offers assistance with preparing for retirement in Santa Clarita and the surrounding valleys. Santa Clarita financial professional Arif Halaby, a Certified Estate Planner, and Total Financial Solutions staff work with people of all ages, helping them protect, grow and preserve their assets through an individualized approach. As a well-known financial professional, Arif Halaby is also the host of “Total Financial Solutions Safer Money Hour” on KHTS AM-1220. Launched in 2004, the show offers listeners retirement planning tips and guidance for dealing with today’s ever-changing financial needs.  

Total Financial Solutions, Inc.

24322 Main Street

Newhall, CA 91321

661-753-9683

800-990-7344

Total Financial Solutions – Newhall

https://www.youtube.com/watch?v=l3XU6KN6_RU

Arif Halaby, Total Financial Solutions, Financial Planning, Planning for Retirement, Retirement Planning

Total Financial Solutions President/CEO Cautions Students, Parents To Avoid ‘Massive’ Student Loan Debt

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