3 Strategies to Student Debt Management Maryland Lawyers Need to Know

The article authored by Judy Brown, Principal of SC&H Wealth Management was originally published by The Daily Record on August 11, 2023

Are you a recent law school graduate navigating the world of student loan debt? You’re not alone. A recent study by the American Bar Association found that the average law school debt after graduation is a staggering $160,000, up to three times the starting salary for lawyers in Maryland.

Student loans have a significant long-term impact on people’s lives, causing them to postpone important milestones due to the financial burden. And 2023 is bringing additional challenges with rising interest rates and the ending of forbearance this month.

The good news? Maryland is considered one of the best states for lawyers with student loans to live in due to crucial factors such as location, employment opportunities, and access to unique loan assistance programs. Judy Brown of SC&H Financial Advisors shares key strategies for Maryland-based lawyers to maximize loan repayment options, including:

• Utilizing the one-time adjustment from the Department of Education before December 31, 2023
• Reviewing your October loan payments and assessing your cash flow
• Amending your tax returns for 2020-2022 if you have an IDR plan and were previously filing married filing separately

Advisory Services offered through SC&H Financial Advisors, Inc., an investment adviser registered with the U.S. Securities and Exchange Commission. SC&H also offers advisory services through the doing business as name of SC&H Core. SC&H Financial Advisors, Inc. is a wholly owned subsidiary of SC&H Group, Inc.

The information presented is the opinion of SC&H Financial Advisors, Inc. and does not reflect the view of any other person or entity. The information provided is believed to be from reliable sources but no liability is accepted for any inaccuracies. This is for information purposes and should not be construed as an investment recommendation. Past performance is no guarantee of future performance.