Past Due: Radio 155 – Paying Off Mortgage-sized Student Loans
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I remember when, about ten years ago, the idea of having $100,000 in student loans seemed outlandish. Ten years later, I’m meeting more and more people who have student loans in excess of $200,000.
Today, we discussed a question from Alex, a recent graduate with two Bachelor’s degrees and licensed as a Registered Nurse. In her seven years of higher education, she accumulated just over $200,000 in student loan debt and is trying to understand whether a consolidation loan makes sense to help her manage the debt load.
To help answer the question, we first covered the two fundamental mistakes most people make when approaching borrowing for college:
1) Underestimating the true, final cost
2) Making presumptions about future income after graduation
Then we talked about the next steps for Alex to begin systematically eliminating the outstanding debt – whether she chooses to consolidate or not.
If you have a specific question, I’d be happy to answer it and further cultivate the wisdom of the Past Due Radio masses. The experiences of our listener base provide plenty of insight we all can learn from; don’t hesitate to ask – I’m happy to help!