FCP005 – The Truth About Student Loan Debt

Welcome back to the Financial Conversation Podcast!

On this week’s episode we are discussing everything related to student loans.

This is a topic we are all passionate about because all four of us have experience with student loans.

Many recent college graduates are struggling to get by and pay their monthly living expenses, not to mention paying off their student loans.

Numerous studies have shown that getting a college degree can result in earningĀ up to $1 million more over the course of your career than if you only have a high school diploma.

While that might sound like a lot of money, it can still be hard to make ends meet when you first graduate from college.

The truth is that many recent college graduates are struggling to get by and pay their monthly living expenses, not to mention paying off their student loans.

Listen to find out about our experiences with students loans, including how much we took out to attend college, how we kept student loans to a minimum, and everything we’ve learned while trying to pay them off.

In this episode we discuss:

  • 7:15 – Methods to keep student loan balances to a minimum
  • 14:45 – Using Cows as a side hustle
  • 15:45 – Common mistakes made by young people with regards to student loans
  • 21:00 – Calculating the ROI of getting a college degree
  • 24:00 – Have our college degrees paid off?
  • 28:00 – Are student loans “good debt”?
  • 33:33 – Refinancing options for student loans
  • 40:00 – Avoiding student loan default by exploring different repayment plans
  • 41:45 – Should you save for your kids’ college & 529 savings accounts

Resources We Mention:

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