It's time for the b A keep A the B keep a.
Okay, the b A q A and we're back. We're back with the BA keep a.
Okay, it is time for the b A Brown Ambition QA question and answer. So remember we're not your financial advisors. We're not financial planners, we're not your lawyer, we're not your insurance agent. We're just two girls chatting on a mic. And that we're not giving advice. We're merely answering questions that of how we might manage and then you have to make the best choice for yourself. But always lean into your the people that you pay for financial advice. Okay, okay,
we got two great listener questions. If you have questions, though, you can always submit them to us. We are a Brown Ambition podcast on Instagram, the BA podcast on Twitter which is probably not ideal, but Instagram, and then you can send us an email at brandanbisionpodcast at gmail dot com or go to brownanbisopodcast dot com and cliss click ask us anything.
So yeah, let's get into our questions.
Yeah, I'm excited about these. So our first question comes from listener Janelle, and she has a question about some student loan debt one of our favorite topics already, so she says. Her question is specifically about Naviant and student loans. So she says, I've recently got an offer from Naviant. From NAVIANTREFI to refinance my student loans. I have two private loans and one federal loan that's currently being serviced by Naviant. My federal loan is the biggest chunk of
my debt. It's thirty five thousand dollars. I know that Naviant is ending their contract with the government, and I already printed out my payment history and loan details, even though no one has reached out to me about who the new servicer will be after their contract ends. My question is, am I in danger of losing my protection with public service loan forgiveness if I refinance my federal student loans with Naviant for all my loans similar as
if I had refinanced them with so FI. I just want to lower interest rate because I'm tired of paying so much money to student loans, but I also don't want to lose my protections if the worst case scenario is I lost my job or hit hard times and I needed some assistance for deferment or forbearance.
Jane quick answer. Yes. So here's a conundrum right that Janelle has, and many of you might be feeling this too. Janelle has two types of loans. She's got private student loans and she's got federal student loans. Now, I want you to think of private student loans, just call it loan, meaning it's similar to a car loan. It's similar to a home loan. Like you just owed in people. There's
really no if something happens, there's no federal protection. So we all are very familiar now with the moratorium that happened when everything happened with COVID and quarantine. That the federal government was able to say with federal back loans, whether you had a a FAHA like a loan for your home or whatever, or like a VA loan for your home or student loans that were federally back, they have control of the money they lend out to say, you know what, actually, don't pay me right now things
are rough. The federal government has control to do that. The federal government cannot tell private entities to do that. It cannot tell the regular people that you owe Hey, can you let Janelle know she doesn't have to pay no. So what Janelle is struggling with is that Janelle, refinancing your private loans, that's fine because you don't have those protections anyway, get your lower interest rate for those systs. But I know that's not where the chunk of what
you owe is you really want to try to. You're trying to lower the interest rate on your federal student loans, and you can refinance them, but you will lose the federal protection because you cannot refinance federal student loans with the federal government. Don't refinance, you would have to refinance them with a private company, therefore taking them away from the federal government protection and going with a private company. So you have to ask yourself, do what's worth it?
Is it worth with it to me to lose the protection in order to get a lower interest rate. I can't make that choice for you, but I just want
you to know that those are your choices. I tend to lean toward make telling people like especially now, like if something does happen to your job, you would lose the ability to do for a barnment for barans or from a deferment that you know, I really don't like refinancing out of federal student loans unless I'm pretty certain that I'm going to be able to to be able to pay and nothing's going to happen to the way I make money. But you know, there's no way to
know for sure. So just know that, yes, refinancing your federal student loans, you will lose the federal protection.
Yep, one thousand percent. I have barely anything to add other than the fact that one I left out I just realized was that she says she's planning to pay off one of her private loans by the end of this year, So congrats on that. Yeah, that seven hundred bucks left, that's amazing. And the other private loan is
only fifty six hundred dollar. I mean, I'm saying only it's a lot of money at nine percent, but that you know, see how you feel once you pay off that last loan, that fifty six hundred dollars one at nine percent. See how you feel if you can refinance that when and get that paid off, See how you
feel then about your federal student loans. But for now, I would just rock with them and focus on those private loans, and then see how you feel later and how your finances are looking and it doesn't like just because you can save money by refinancing, like that opportunity is not going anywhere as far as i'm you know, as far as I know, you will be able to refinance in the future if you decide to. It's not like a one and done opportunity. Banks will always be
trying to get your money. Okay, So don't be too hard on yourself on rushing into a decision right now.
That's all I would add. Okay, all right.
Question two do you want to read this one?
Sure?
This is a shorty.
Hello.
I'm a nurse and I've worked for a country Okay, Hello, I'm a nurse and I've worked for a county hospital for over half of my eighteen year nursing career.
Oh. I love nurses.
My mom was a nurse. I currently pay into a pension plan. That's awesome, but I have but I have paid into Social Security in the past. Will I be able to receive my pension and Social Security benefits when I retire? Anonymous in Texas?
Hey Texas, Hey there, that's why when you said country hospital, I was like, maybe it is a country. Well, thanks for your service. I mean nurses don't get enough love. I feel like, yes, yeah, I see no reason and listen again, financial experts, I am not or we are not, But yes, I believe you have no problem getting your
pension and your Social Security. You know, I think as if you're working on through a regular you know, nine to five job and you're paying your you're paying your payroll taxes FIKA, which is what does FIKA stand for? I know it's Social Security, Medicare and federal income taxes, right, those things. It's like the however many percent six percent of your paycheck that goes toward those those taxes, part of that is Social Security, so you should have been
paying into that benefit. And absolutely the best way to know. Actually it sounds like you might be nearing retirement, but if you actually go to SSA dot gov and log in or create an account, they should actually be able to give you a sense of how much they can even estimate your benefit when you retire. I believe, so go and go to SSA dot gov. That would be my advice, and see what information you can find through your account there.
And just so you know, like I hear what you're doing and what you've written us on taxes. Is it you think you're thinking to yourself, because I pay into pension, that I must not be paying to Social Security. That's not true. Like if you go, like like I'm on the government website right now, and it's like basically nearly every American worker as well as their employer, is required to pay into Social Security and Medicare taxes. It's just taken out of your check. You might have not noticed,
inclusive if you're self employed. So just because you're paying into your pension, it doesn't mean that you're not paying into your Social Security. You are, you know, especially as a nurse there you know you work for a public entity of that, like you're paying into Social Security, and it's two separate things. Like you know, your your pension plan is separate from your from your Social Security. So I mean you, to Mandy's point, go to that website
to absolutely make sure. But I'm probably like ninety eight point nine percent short that you are paying it to Social Security and not even recognizing it.
So you gonna be good at taxes.
Thank you for your question though, all right, that is the ba QA, like tip said at the top of the show, feel free to send us your quest questions. We are Brand Ambition Podcast at gmail dot com or you can also dm us on the Gram. We are at brand Ambition Podcast.
Yes, we love your questions.
Until next Friday.
How about y'all