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Listen to The Military Money Manual Podcast on Spotify, Apple Podcasts, Amazon Music, Audible, YouTube, or Stitcher.
The Military Money Manual Podcast covers personal finance in the military, investing in the TSP, military travel hacking, and lots more. Your co-hosts Spencer Reese and Jamie explain the tactics, techniques, and procedures of investing, saving, and building wealth in the military.
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Hi, just discovered your podcast and I’m learning a lot. What are your thoughts on student loan debt with PSLF as military. Is it worth it to put money in TSP Traditional to lower income for income driven repayment? Especially higher loans, at O3 now.
Thanks for any direction on how to maximize this. I know in episode 27 you were saying don’t step over dollars for pennies in not paying off loans, just wasn’t sure if that applied with PSLF too
Public Service Loan Forgiveness (PSLF) is a mess. I wouldn’t count on it at all. I would much rather be debt free years earlier and choose what happens with my paycheck, rather than wait 10 years for a forgiveness program from the government that may not even work. However, if it’s part of your plan, then go for it. Income based repayment and driving your income as low as possible with tax free deployments and Traditional IRA and TSP contributions could be a good way to go. Remember that Public Service Loan Forgiveness is only for government backed loans. If you have private loans, it doesn’t work.